Do you increasingly feel like your income isn’t enough to afford your rent? Well, the folks at the National Low Income Housing Coalition released their annual housing report, and their findings may explain why. The organization calculates the hourly wage one needs to earn to afford a “moderate” two bedroom apartment. Earning the minimum wage in any state is definitely not enough.
The average hourly wage needed to rent a two bedroom unit (approximately $1000 a month at the “fair market rent“) in the United States is $19.35 – which is roughly $40,000 a year. That’s more than 2.5x the federal minimum wage. The findings certainly highlight the need for more affordable housing, something that has become increasingly obvious in cities like New York, Boston, and San Francisco.
You can check out your state below.