Utahns among those paying the most in housing costs, study says
According to a WalletHub study released on Wednesday, Utah ranks tenth in the nation for the highest cost of housing as a share of median monthly household income. On average, Utahns pay more than 30% of the median income on mortgage and utility payments.
Source: WalletHub
The report says homeowner's housing costs average $2,424 a month, with the mortgage payments ranking sixth highest in the nation and the home energy costs low at 39th.
'Homeowners and home buyers have faced whiplash over the past few years, with housing prices soaring and interest rates fluctuating from historic lows back up to the highest rates in more than a decade,' WalletHub Analyst Chip Lupo said.
However, there's a twist. When it comes to renting, Utah ranks 44th in the nation, only spending approximately 22.7% of the median household income on rent.
Andrew Burnstine, an associate professor at Lynn University, shared in the study that 'housing often eats up the biggest slice of our budgets,' with nearly half of renters in the U.S. spending more than 30% of their income on housing.
READ NEXT: Utah has nation's highest median household income when adjusted for cost of living, new report says
While Utah falls below that number, Burnstine provided a few recommendations for renters, including negotiating rent during the off-season, looking into less central locations, and sharing your space with a roommate. He also suggested reviewing lease agreements to 'avoid unexpected fees.'
'The current social and economic environment is significantly impacting monthly housing bill spending. High inflation has driven up the costs of everything from groceries to utilities, leaving less disposable income for housing,' he said. 'This means that a larger portion of household budgets is now dedicated to simply keeping a roof overhead.'
This study comes after a recent local publication by the University of Utah's that says Utah has the highest median household income in the country when adjusted for cost of living.
The study said that Utah's cost of living is actually lower than the national average regardless of the state's housing costs sitting above the average. Researchers said this is because the average homeowner in Utah bought their houses before today's high housing prices, and therefore face a different reality than new buyers and renters.
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