The Voice of Local Utah

Provo

Utah’s Changing Demographics and Housing Stats in Five Numbers

Utah has become one of the fastest growing cities in the United States. Rent prices are changing, more people are living alone, and people are feeling the burden of raised rents.

by

Alegra Zuchowicz

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Over the past year, Utah has become one of the fastest-growing cities in the United States. With many transplants moving to the city. Are these new residents living alone or with others? 

  1. Lone Renters are finding it easier to find places in Salt Lake City but still have a hard time finding places in Provo. 

In Salt Lake City, this means an extra income of $767 per month compared to a regular apartment-dweller. This amount is lower than in other Western metro areas like Phoenix ($948) and Denver ($830), where lone renting comes with more significant financial sacrifices. 

How much do you need to earn to rent alone in other Utah metros? In Ogden, renters must budget an additional $903 to enjoy a place alone, while in Provo, this premium reaches $916. Nationwide, Salt Lake City leads the pack with the most significant surge in lone renters in recent years, followed by McAllen, TX, and Austin, TX, with 24% each. 

  1. Prices in Utah are changing for rent and homes. 

The average rental price in Salt Lake City is $1,567, and the average home value is $541,178. The average rental price in Provo is $1,475, and the average home value is $456,589. The average rental price in Park City is $4,000, and the average home value is $1,522,573. This puts an undue burden on Utah renters, especially those that live alone.

  1. Many people in Salt Lake City are living alone. 

Lone renters are rising in America, with 16.7 million renters living alone. Fifty thousand two hundred sixty-five people rent a place individually in Salt Lake City, up from 40,234 in 2016. These solo renters now make up 15% of the metro’s total renter population, even though this type of living arrangement comes at an extra cost.  

  1. Rent is increasing in Salt Lake City. 

At an annualized rate, between 2010 and 2020, asking rents increased 2.6% in Salt Lake County, between 2020 and 2022 the rate of change was 11.0%. 

  1. In every county in Utah renters are feeling the price burden. 

The number of renters that are cost-burdened in Salt Lake County is 57,449. In Utah County the number is 25,800. Weber County is 9,464. 

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Alegra Zuchowicz

After growing up in Santa Barbara, California, Alegra moved to San Luis Obispo, California and graduated from California Polytechnic State University with a Bachelor’s Degree in Journalism. She also has a dance minor and loves tap dance, jazz, modern, and ballet. She now lives in Capitol Hill and is excited to explore Utah. She can’t wait to find thrift and vintage stores to explore!

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