Rent getting further out of reach for average Americans

by Ryan Smith29 May 2015
Rent is getting further and further out of reach for many Americans, according to a new report from the National Low Income Housing Coalition.

According to the report, in order to afford a modest, two-bedroom apartment, U.S. renters need to earn an average wage of $19.35 per hour. In 13 states and the District of Columbia, that number tops $20 per hour.

That means the housing wage for a two-bedroom apartment is more than two and a half times the federal minimum wage of $7.25, and beyond the average wage of $15.16 earned by renters in the U.S. in fact, in none of the states can a renter working full-time at the federal minimum wage afford even a one-bedroom apartment at fair market rent.

“A renter earning the federal minimum wage of $7.25 per hour would need to work 85 hours per week to afford a one-bedroom rent at the Fair Market Rent and 102 hours per week to afford a two-bedroom rent at the Fair Market Rent,” the study notes.

Most expensive states to rent:
 
State Hourly wage needed for a 2-bedroom apartment
Hawaii $31.61
District of Columbia $28.04
California $26.65
New York $25.67
New Jersey $25.17
Massachusetts $24.64
Maryland $24.64
Connecticut $24.29
Alaska $22.55
Washington $21.69


Most expensive metro areas to rent:
 
Metro area Hourly wage needed for a 2-bedroom apartment
San Francisco, CA $39.65
Stamford-Norwalk, CT $37.37
Honolulu, HI $34.81
San Jose-Sunnyvale-Santa Clara, CA $34.79
Santa Cruz-Watsonville, CA $33.77
Nassau-Suffolk, NY $33.04
Orange County, CA $30.92
Westchester County, NY $30.60
Oakland-Fremont, CA $30.48
Danbury, CT $30.44

COMMENTS

  • by Scott | 5/29/2015 7:53:44 PM

    This article might start to be helpful if one knew either the criteria used to establish affordability or the actual amount of the rents in question.

  • by anon | 6/2/2015 3:25:28 PM

    This data is worthless

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