Home Green Consumer Housing Getting Out Of Reach

Housing Getting Out Of Reach

574
0
SHARE

A report titled “Out of Reach,” out this week from the National Low Income Housing Coalition, highlights the mismatch between wages and housing costs at the state, county and metro levels.housingreach-209 The results are consistently dire: in no locality in the country can people who earn the federal minimum wage afford the typical two-bedroom apartment.  The NLIHC determined how much a person working full-time would need to make to comfortably afford fair market rent. They call that the housing wage, or the hourly wage needed so only 30 percent of a person’s income goes toward rent. Households spending more are considered cost-burdened”, and the extra expense means they cut spending on food, health care and retirement savings.  Nationwide, the housing wage for a two-bedroom apartment is $20.30 hourly (or $42,240 annually). That means someone earning the federal minimum wage of $7.25 would have to work 112 hours a week to afford the typical rent.  “If this worker slept for eight hours per night, he or she would have no remaining time during the week for anything other than working and sleeping,” the report notes.  Here’s how much a worker would need to earn to afford rent on a two-bedroom apartment in each state:

CREDIT: NATIONAL LOW INCOME HOUSING COALITION
The National Low Income Housing Coalition’s “Out of Reach” report, released May 25, highlights the gap between rental costs and earnings around the country.

From Huff Post  Photo Credit John Vlahakis

LEAVE A REPLY

Please enter your comment!
Please enter your name here