How Much You Need To Make To Rent A Two-Bedroom In The U.S.
It is very hard for an average full-time minimum wage worker to afford rent in any state.
Ones earning minimum wages find it hard to rent a two-bedroom home in the U.S. even if the amount falls within 30% of their total income!
A report put forth by the National Low Income Housing Coalition, which is their annual “Out of Reach” report, compares wages to the housing costs in multiple states, metropolitan areas and places across the country.
This year, the results show the hourly wage rate should be $7.25 per hour in all but four states to afford a “modest” 2 bedroom apartment anywhere in the US.
With Arkansas offering the lowest hourly income needed, the suggested rental here is $13.72, whereas the state minimum wage is $8.50, say reports. On contrary, Hawaii necessitates the highest income of renters where people need to make at least $35.20 to rent a two-bedroom.
The gap between income and rent have been continuously increasing.
NLIHC President Diane Yentel said in a press release, “[The report] shows why millions of low income renters are struggling to afford their homes. We have the resources to solve the affordable housing crisis in America by rebalancing federal housing expenditures to serve our country’s most vulnerable households. We lack only the political will to do so.“
Inflation is another issue that doesn’t stop bothering the middle income as well as the low-income groups of the society.
In 1968, the federal minimum wage was as high as $10.90 in 2015 dollars which are nearly $4 higher than today’s actual federal minimum wage, claims CNBC. ⠀
Image Source: Business Insider