Renters across the Salt Lake City metro are still coming out ahead on monthly costs, with a new analysis showing a sizable gap between what they pay and what homeowners with mortgages are shelling out.
Median renters in the metro paid about $1,659 a month in 2024, while homeowners with a mortgage faced roughly $2,213 in monthly costs. That nearly $550 difference translates to about a 33 percent premium for buying, making ownership a much steeper jump than it was just a few years ago for many locals.
The numbers come from a LendingTree study that crunches U.S. Census data to compare typical rents and monthly owner costs across the 100 largest metros. LendingTree pegs the Salt Lake metro’s median rent at $1,659 and its median monthly housing costs for mortgaged homes at $2,213, yielding that 33.4 percent gap. Analysts there say spreads like this can push would-be buyers to delay or even abandon plans to purchase.
How the numbers are compiled
LendingTree relies on Census housing tables that roll mortgage payments, property taxes, utilities, and fees into a single owner-cost figure, which helps explain why city and metro numbers do not always line up. For Salt Lake City proper, the U.S. Census Bureau’s QuickFacts lists median selected monthly owner costs with a mortgage near $2,070 and median gross rent around $1,414 for the 2020–2024 period. That split underscores how geography and the unit of measure (city versus metro) matter once you start drilling into affordability.
Where Salt Lake fits nationally
Across the country, LendingTree found that in 2024, homeowners with mortgages paid a median of $2,035 a month, compared with $1,487 for renters. That is a $548 difference that grew from 2023. LendingTree also reports that in 22 of the 100 largest metros, owning costs at least 50 percent more than renting. Local and national outlets such as Axios note that policymakers are eyeing mortgage rates and supply-side housing policies as key levers that could eventually change the math for buyers.
What locals should watch
For renters doing a quick back-of-the-envelope check, the current arithmetic is straightforward: staying in a rental often means lower monthly out-of-pocket costs, even if it does not build equity. Local reporting and think-tank analyses have flagged similar pressure on Utah households, with some studies showing an even larger premium for buying depending on how costs are measured. Deseret News coverage has highlighted how down-payment hurdles and wages factor into the decision and suggests the gap may stick around until prices, interest rates, or housing supply meaningfully shift.
