Report: Full-time minimum wage workers can only afford rent in 7% of US counties fox7austin.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fox7austin.com Daily Mail and Mail on Sunday newspapers.
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Vermont households earning the stateâs minimum wage of $11.25 an hour have to work 64 hours a week to spend 30 percent of their income on a one-bedroom apartment, and 81 hours a week for a two-bedroom unit, according to a housing study released Wednesday morning.
The report said that Vermont has the 16th most expensive housing wage in the nation, and the eighth most expensive housing wage for rural areas.
According to the study, the average housing wage the money that a Vermont household would have to earn to spend 30 percent of its income on housing for the average fair market rent of $1,231 on a two-bedroom apartment is $23.68 per hour. That equates to $4,105 in monthly income, or $49,258 annually.
A new study says on average someone would have to earn $24.90 per hour to rent a modest two-bedroom home on no more than 30% of their pay. That s far more than the federal minimum wage.
American renters are well aware of the dire housing market situation and a new report confirms that it s only likely to worsen unless hourly wages are drastically increased.
Workers simply don t earn enough money to keep up with skyrocketing rental rates across the country, the National Low Income Housing Coalition found in its latest Out of Reach report. In no state, metropolitan area, or county in the U.S. can a worker earning the federal or prevailing state or local minimum wage afford a modest two-bedroom rental home at fair market rent by working a standard 40-hour work week, the report released on Wednesday finds.
The housing market remains red-hot in New Jersey, which may have some potential homebuyers thinking about renting instead.
But even that may not be a wise move, at least as suggested in a new report from the National Low Income Housing Coalition, which finds that New Jersey requires the 6th-highest working wage to support a modest, two-bedroom apartment.
The data for the Garden State in the Out of Reach report was compiled with the assistance of the Housing & Community Development Network of New Jersey, whose senior policy advisor, Arnold Cohen, said many residents compromise their bank accounts to fit their rental needs.
Working full time on the federal minimum wage of $7.25 isn’t enough for workers to afford rent for a two-bedroom home anywhere in the United States, nor is it enough to afford a one-bedroom home in the vast majority of U.S. counties, a report from the National Low Income Housing Coalition finds.
The report also finds that, in fact, being able to afford a “modest” two-bedroom rental home anywhere in the U.S. is out of reach for a majority of American workers.
In order to afford the average two-bedroom rental in the country, a worker must make $24.90 an hour, or over $51,000 a year. That means nearly 60 percent of American workers wouldn’t be able to afford a two-bedroom home. The report defines affordability for rent as no more than 30 percent of a person’s income, a common standard.