What it costs to afford rent in Salt Lake City
Why it matters: Salt Lake City rent has surged 34% since April 2020, per Zillow, outpacing wage growth and making it harder for renters to avoid becoming rent-burdened.
By the numbers: The annual income needed to afford rent in Utah's capital is roughly $11,000 less than the national average of $80,949.
As of April, the typical monthly rent in Salt Lake is $1,747 — $233 below the national average.
In 2023, the median household income in the city was $74,925, according to Census data.
Between the lines: It's generally recommended to budget 30% of your monthly income for your rent or mortgage payment, but that benchmark is becoming harder to attain for many Americans.
What they're saying: "This often leaves little room for other expenses, making it particularly difficult for those hoping to save for a down payment on a future home," said Orphe Divounguy, a senior economist at Zillow, in a statement.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
3 hours ago
- Business Upturn
Atlanticus Holdings Corporation Announces Pricing of $400 million Senior Notes Offering
ATLANTA, Aug. 14, 2025 (GLOBE NEWSWIRE) — Atlanticus Holdings Corporation (NASDAQ: ATLC) ('Atlanticus,' the 'Company,' 'we' or 'our') today announced that it has successfully priced an offering of $400,000,000 aggregate principal amount of 9.750% Senior Notes due 2030 (the 'Notes') to be issued by the Company and guaranteed by certain of its domestic subsidiaries. The Notes are expected to be issued on August 20, 2025, subject to the satisfaction or waiver of customary closing conditions. The Company intends to use the net proceeds from the offering of the Notes (i) to repay amounts outstanding under its recourse warehouse facilities, (ii) for general corporate purposes, including to fund future acquisitions of portfolios and associated businesses and to fund the partial or full repayment of its 6.125% Senior Notes due 2026 on or prior to maturity and (iii) to pay fees and expenses in connection with the offering. The Notes and the related guarantees are being offered and sold to persons reasonably believed to be 'qualified institutional buyers' pursuant to Rule 144A under the Securities Act of 1933, as amended (the 'Securities Act') and to certain non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered for sale under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the Notes, the related guarantees or any other security, and shall not constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. About Atlanticus Holdings Corporation (NASDAQ: ATLC) Empowering Better Financial Outcomes for Everyday Americans AtlanticusTM technology enables bank, retail, and healthcare partners to offer more inclusive financial services to everyday Americans through the use of proprietary analytics. We apply the experience gained and infrastructure built from servicing over 20 million customers and over $44 billion in consumer loans over more than 25 years of operating history to support lenders that originate a range of consumer loan products. These products include retail and healthcare private label credit and general purpose credit cards marketed through our omnichannel platform, including retail point-of-sale, healthcare point-of-care, direct mail solicitation, internet-based marketing, and partnerships with third parties. Additionally, through our Auto Finance subsidiary, Atlanticus serves the individual needs of automotive dealers and automotive non-prime financial organizations with multiple financing and service programs. Forward-Looking Statements This press release contains forward-looking statements that reflect the Company's current views with respect to the closing of the Notes and the use of proceeds therefrom. You generally can identify these statements by the use of words such as 'outlook,' 'potential,' 'continue,' 'may,' 'seek,' 'approximately,' 'predict,' 'believe,' 'expect,' 'plan,' 'intend,' 'estimate' or 'anticipate' and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as 'will,' 'should,' 'would,' 'likely' and 'could.' These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. These risks and uncertainties include those risks described in the Company's filings with the Securities and Exchange Commission and include, but are not limited to, risks related to the Company's ability to satisfy the conditions to closing the Notes; the Company's ability to retain existing, and attract new, merchant partners and funding sources; changes in market interest rates; increases in loan delinquencies; its ability to operate successfully in a highly regulated industry; the outcome of litigation and regulatory matters; the effect of management changes; cyberattacks and security vulnerabilities in its products and services; and the Company's ability to compete successfully in highly competitive markets. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, the Company disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date of this press release or as of the date to which they refer, and the Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law. Contact:Investor Relations(770) 828-2000 [email protected]
Axios
3 hours ago
- Axios
Arkansas could see sharp jump in car insurance rates
Car insurance rates could rise more by the end of the year with tariffs than without them, and Arkansas could be one of the most affected states, a new projection finds. Why it matters: The analysis shows one more way that Americans pay for higher tariffs. Driving the news: The nationwide average annual cost of full-coverage car insurance could rise by 7% between June and December if tariffs stay in effect, compared to 4% otherwise, per a new report from insurance-comparison platform Insurify. In raw terms, the average cost could hit $2,472 with tariffs, compared to $2,402 without them. That's based on the tariff picture as of Aug. 1, reflecting the Trump administration's recently lowered rates on cars and auto parts from Japan, South Korea and Europe. Zoom in: Arkansas could see a 9% increase with tariffs or a 6.1% increase without by year's end. Several states with relatively large expected increases for the rest of the year recently saw costs dip, giving them more room for growth. Between the lines: Tariffs affect insurance rates by increasing the costs of imported parts needed for repairs. Inflation, accident frequency, and claims due to extreme weather also impact rates, among other factors. What they're saying: "Initially, car insurance companies looked at 2025 as a year to keep insurance rates stable, or even cut them," per Insurify's report. "Tariffs and inflation could derail that trend." Claims volume could also fall, and insurance regulators could fight price hikes. How it works: Insurify's projections are based on over 97 million rates from the insurance companies it works with, and reflect median costs for drivers age 20-70 with clean records and at least average credit.
3 hours ago
Youngkin praises Virginia's economy, dismissing Democrats' concerns over Medicaid and job cuts
RICHMOND, Va. -- Republican Gov. Glenn Youngkin said Thursday that Virginia's economy is thriving after ending its fiscal year with high revenues, a characterization Democrats criticized as rose-colored in light of budgetary decisions in neighboring Washington, D.C. In a presentation to the state's money committees, Youngkin and Virginia's secretary of finance said revenues for the fiscal year resulted in a $572 million surplus and a $4.7 billion rainy-day fund. Economic output in the state grew by about 1 percent higher than initially forecast, officials said. 'The strength and success we see today is no accident. It is the result of very intentional decisions made by all of us — intentional decisions to lift up opportunity in the Commonwealth of Virginia,' Youngkin said in his speech to lawmakers. 'And these decisions are yielding dividends. They're enabling us to compete and to win.' Democratic lawmakers were quick to push back, particularly in light of looming Medicaid work requirements for some adults after Congress passed a reconciliation bill last month. Youngkin repeatedly said Medicaid will not be taken away from Virginians, and Secretary of Finance Stephen Cummings added that hospitals will be able to absorb any additional costs from federal cuts to Medicaid. Senate Democratic Majority Leader Scott Surovell cited an analysis from the Congressional Budget Office this year estimating that roughly 11 million Americans will lose access to Medicaid. 'The governor stood up here and said a million times, repeatedly, that nobody is coming to throw out Medicaid,' Surovell said. He added that the CBO, which 'America relies upon to tell us the answers to these things, tells us that millions of Americans are going to lose their Medicaid.' Democrats also said the governor is not fully acknowledging that the White House's reshaping of the federal workforce will continue to impact the state's economy. The job losses that factored into Youngkin's assessment did not include federal workers who took buyouts and are still receiving payments until later this year, Cummings said. But Republican House Minority Leader Terry Kilgore praised Youngkin's presentation, calling it 'the kind of news every Virginian should cheer.' 'It happened because Republicans have kept a steady hand on the wheel,' Kilgore said. ___
