There is no US state where the minimum wage will pay the rent: At least 60 to over 80 hours a week needed for market-rate one bedroom apartment

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There is no US state where the minimum wage will pay the rent: At least 60 to over 80 hours a week needed for market-rate one bedroom apartment

A San Francisco household would need to make $39.65 an hour to afford the market rent for a two-bedroom apartment, according to a new report that highlights a wide gap between stagnant incomes and rising rents in many parts of the country.

Around the country, renter households would need to make $19.35 an hour working full time to afford a two-bedroom unit, which is $4 more than the estimated average wage of U.S. workers, according to the report released Tuesday by the National Low Income Housing Coalition.

Rental affordability has grown as a challenge in recent years due to a number of factors, including increasing demand as more people choose to rent or are forced to because they can’t get mortgages; a relative lack of rental construction in recent years in comparison to past cycles; and stagnant wage growth.

There is no state in the country where someone earning either the state or federal minimum wage can afford a market-rate one-bedroom apartment, according to the report. A minimum wage worker would need to work 86 hours per week to afford a one-bedroom apartment.

The researchers looked at much a family would need to make to keep its rental costs at a reasonable level–30% of its income–to afford rent and utilities on a modest rental unit in a short amount of time, as defined by the Department of Housing and Urban Development…..More Here

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There is no US state where the minimum wage will pay the rent: At least 60 to over 80 hours a week needed for market-rate one bedroom apartment