Utahns need 156-hour work week to afford median rent, report says
That's of an apartment in Utah at the state's minimum wage of $7.25 as of 2024, according to a new report by Redfin. And that's assuming only 30% of your income is spent on rent.
The online realtor said this estimate is actually better than the year before, which would have required a 164-hour week, but it's significantly higher than the average minimum-wage earner in the United States at 106 hours per week.
But Utah's 156 hours still places it among the worst in the nation. According to Redfin's data, Utah is behind only New Hampshire (224 hours per week), Pennsylvania (183), Idaho (165), Georgia (160), and Wisconsin (159).
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'It's obviously not realistic for most people to clock into their job for over 100 hours a week, but this thought experiment shines light on the massive rental affordability gap between the average American and our country's lowest earners,' said Daryl Fairweather, Redfin Chief Economist. 'It's virtually impossible for a minimum-wage worker to afford the typical apartment on their own, which is why many have to find ways to reduce their housing expenses, like living with roommates or family members.'
Redfin's data shows that the median asking rent peaked in August 2022 at $1,704, and while it has gone down slightly, it's still $271 higher than pre-pandemic levels. Over the past few years, Utah's lawmakers and policy leaders have been advocating to make more affordable housing and living spaces across the Beehive State.
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At the state level, Gov. Spencer Cox has spoken at length about his ambitious goal to build 35,000 new starter homes in Utah over the next four years. Meanwhile, in 2024, Salt Lake City Mayor Erin Mendenhall said affordable housing has been a priority for her and her administration.
Earlier this year, Mendenhall celebrated the opening of the 144 South Apartments, located at 144 South and 500 East. The new building offers affordable housing for residents earning at or below 60% of the area median income and was funded through a $1.7 million loan from the Redevelopment Agency of Salt Lake City's Housing Development Loan Program.
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Utahns need 156-hour work week to afford median rent, report says
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