How Much Renters Need to Make to Afford a Two-Bedroom Apartment in Each StatePosted: June 3, 2015
Reid Mene reports: A recent poll conducted by The National Low Income Housing Coalition compared the average renter’s wage in each U.S. state to the wage needed to afford an average two-bedroom apartment.
The Out of Reach study, which came out in May, found that there are a considerable number of states where average workers simply cannot afford to rent two-bedrooms.
City Lab notes:
- The average American needs to earn $19.35/hour to afford a two-bedroom rental unit.
- The average hourly wage earned by American renters is $15.16. That’s 2.5 times the federal minimum wage.
- The median hourly wage of the average American worker is $17.09.
This graph shows the states with the largest gaps between average hourly wages and wages needed to rent two-bedrooms. In Hawaii, for example, the average hourly wage earned is under $14.49/hour, while the wage needed to afford the average two-bedroom is $31.61/hour…(read more)
- Capitol Report: Minimum-wage workers need 2 roommates to afford a San Francisco apartment (marketwatch.com)
- New report shows rental costs rising as U.S. wages stagnate (mcclatchydc.com)
- Vermonters need $21 per hour to afford rent, study says (vtdigger.org)
- How Much You Need To Make To Rent A 2-Bedroom Apartment Around The US (citylab.com)
- Report: Americans Are Spending Too Much On Rent (wnyc.org)