The average renter in OH earns $13.32 an hour, almost $2 less than the hourly wage needed to afford a modest two-bedroom rental unit. In Seattle, a worker making the mean wage would have to put in 49 hours for a one-bedroom and 60 hours for a two-bedroom. The minimum wage in Arkansas is $8.50 an hour.
The report's authors adhere to the standard that no household should spend more than 30 percent of its gross income on housing costs, and they assume that each household would be paid for 40-hour workweeks for 52 weeks a year. The state's minimum wage is now set at $8.50 an hour. In major metropolitan areas, it gets worse. Still, at that salary, renters would need to work two full-time jobs to afford a two-bedroom apartment, according to the study.
The stark findings appear in an annual report released this week by the National Low Income Housing Coalition. Luckily, the average wage of a renter in Cuyahoga County is $15.38, further promoting Cleveland as " a very affordable, decent place to live". The report highlights the gap between what renters earn and what it costs to afford a home at Fair Market Rent. California and NY are the third and fourth most expensive states respectively. Their "housing wage" is an estimate of the hourly wage a full-time worker must earn to pay fair market rent without spending more than 30% of his or her income on housing costs.
Two condos for sale by the Champlain Housing Trust in the Colchester Ethan Allen complex, shown on the trust's website as examples of affordable housing available in VT. "And it's just the mismatch between where rents are at in Central Ohio compared to where wages are".
In Caroline and King George counties, rents are somewhat more affordable. Minimum wage earners in Caroline would need to work 96 hours each week. Enrique Jevons, owner of Jevons Property Management in Yakima, does have apartments for $595 a month, but they are only a small percentage of the rentals his company manages.
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Downsizing to a one-bedroom apartment will only help so much. That's about three times the federal minimum wage.
Nationally, one would have to earn $17.90 an hour to afford a modest one-bedroom apartment or $22.10 an hour for a two-bedroom rental.
The average wage for renters, who make up 36 percent of the housing market, is $17.59 in Colorado.
"While significant progress has been made over the past decade to increase the supply of affordable housing in Charlotte, the reality is that housing is becoming less affordable", said the draft of "Housing Charlotte", a new report by city staff that was released this month". He said rent is typically higher during the spring and summer.
According to the Joint Center for Housing Studies (2017), the number of homes renting for $2,000 or more per month increased by 97% between 2005 and 2015 with the new development of high-end apartments and rising rents of existing apartments.