In These Cities, It Takes 25 Years Worth of Rent Payments to Afford a Home
Cost-burdened cities in the West make up the majority of metros on the list
Oct. 14, 2024
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In Salt Lake City, it would take 307 months worth of rent to afford the average home in the area.
Owning a home has long been considered part of the American dream, but for many families, the dream of homeownership has become too expensive. Because both mortgage rates and home prices have grown, renting in many parts of the U.S. is a more affordable option. According to GoBankingRates, in some cities—including Salt Lake City, Seattle, and Los Angeles—it could take more than 25 years of rent payments to match the cost of buying a home.
With world-renowned hiking and skiing in its backyard, Salt Lake City is a very nice version of the American Dream. But with a typical monthly house payment of $3,107, which includes mortgage principal and interest, taxes and insurance, assuming a 20% down payment, is a hefty financial commitment. So much so that going strictly by the numbers, it’s better to rent.
