Here's The Hourly Income You Need To Afford Rent Around The U.S., And It's Not Looking Good

[William769]

ull-time workers who make minimum wage can’t afford a one-bedroom rental home in any state in the U.S. without spending more than the recommended 30 percent of their income, according to a report from the National Low Income Housing Coalition (NLIHC).

The group’s annual “Out of Reach” report compares minimum wages and housing costs in states, metropolitan areas and counties across the country. This year’s results show the hourly wage rate needed for a “modest” two-bedroom rental in 2022 is more than double the federal minimum wage of $7.25 per hour in every single state.

Nationally, a person would need to make $25.82 per hour to pay for a modest two bedroom rental home without spending more than 30 percent of their income on housing. For a modest one-bedroom rental, it’s $21.25.

Even where local minimum wages are higher than the federal standard, it’s not enough. “No local minimum wages are sufficient to afford a one-bedroom rental home at the fair market rent with a 40-hour workweek,” the group states.



https://www.msn.com/en-us/money/personalfinance/here-s-the-hourly-income-you-need-to-afford-rent-around-the-u-s-and-it-s-not-looking-good/ar-AA1ifP5n?ocid=msedgntp&pc=ENTPHB&cvid=762e66468a2c477a8da0e57d826e653a&ei=49