It is just awful. I live near NYC and I thank God I have my house the apartment we rented is probably $2000 a month or better.
Reid Mene reports: A recent poll conducted by The National Low Income Housing Coalition compared the average renter’s wage in each U.S. state to the wage needed to afford an average two-bedroom apartment.
The Out of Reach study, which came out in May, found that there are a considerable number of states where average workers simply cannot afford to rent two-bedrooms.
Image Credit: The National Low Income Housing Coalition
City Lab notes:
- The average American needs to earn $19.35/hour to afford a two-bedroom rental unit.
- The average hourly wage earned by American renters is $15.16. That’s 2.5 times the federal minimum wage.
- The median hourly wage of the average American worker is $17.09.
This graph shows the states with the largest gaps between average hourly wages and wages needed to rent two-bedrooms.
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