What % of annual income do Utah residents spend on rent?
UTAH (ABC4) – A new study conducted by NiceRX found that Utah was ranked No. 7 in terms of residents spending most of their income on rental fees. Utah residents lose 33.06% of their income in rental fees every year.
The study looked at what percentage of average income is spent on childcare, transportation costs, food and drink, and other important cost-of-living factors.
According to research, the annual cost of rent in Utah averages $18,321. As of June 2022, Zip Recruiter reports that the average annual income in Utah is $57,593. The study also found that Utah residents annually spend 12.2% of their income on health insurance and 9.945% on child care.
In terms of nation, the data revealed that Hawaiians spend the largest portion of their income, 49.3%, on rent each year in the United States. Additionally, rent and childcare have proven to be the two most expensive cost-of-living factors in the United States. , costing an average of $45,423 per year when combined, which is more than 46% of average income. Health insurance has proven to be the third most expensive cost-of-living factor in America, with an average annual cost of around $6,500, or more than 10% of average annual income.
To see the full NiceRX study, click here.