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?
- 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.
- 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.
- 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.
- 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%.
- 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.