The rent for even a modest two-bedroom apartment is getting further and further out of reach for many Americans, according to a new study.
Rent is getting further and further out of reach for many Americans, according to a new report from the National Low Income Housing Coalition.
According to the report, in order to afford a modest, two-bedroom apartment, U.S. renters need to earn an average wage of $19.35 per hour. In 13 states and the District of Columbia, that number tops $20 per hour.
That means the housing wage for a two-bedroom apartment is more than two and a half times the federal minimum wage of $7.25, and beyond the average wage of $15.16 earned by renters in the U.S. in fact, in none of the states can a renter working full-time at the federal minimum wage afford even a one-bedroom apartment at fair market rent.
“A renter earning the federal minimum wage of $7.25 per hour would need to work 85 hours per week to afford a one-bedroom rent at the Fair Market Rent and 102 hours per week to afford a two-bedroom rent at the Fair Market Rent,” the study notes.
Most expensive states to rent:
Most expensive metro areas to rent:
According to the report, in order to afford a modest, two-bedroom apartment, U.S. renters need to earn an average wage of $19.35 per hour. In 13 states and the District of Columbia, that number tops $20 per hour.
That means the housing wage for a two-bedroom apartment is more than two and a half times the federal minimum wage of $7.25, and beyond the average wage of $15.16 earned by renters in the U.S. in fact, in none of the states can a renter working full-time at the federal minimum wage afford even a one-bedroom apartment at fair market rent.
“A renter earning the federal minimum wage of $7.25 per hour would need to work 85 hours per week to afford a one-bedroom rent at the Fair Market Rent and 102 hours per week to afford a two-bedroom rent at the Fair Market Rent,” the study notes.
Most expensive states to rent:
| State | Hourly wage needed for a 2-bedroom apartment |
| Hawaii | $31.61 |
| District of Columbia | $28.04 |
| California | $26.65 |
| New York | $25.67 |
| New Jersey | $25.17 |
| Massachusetts | $24.64 |
| Maryland | $24.64 |
| Connecticut | $24.29 |
| Alaska | $22.55 |
| Washington | $21.69 |
Most expensive metro areas to rent:
| Metro area | Hourly wage needed for a 2-bedroom apartment |
| San Francisco, CA | $39.65 |
| Stamford-Norwalk, CT | $37.37 |
| Honolulu, HI | $34.81 |
| San Jose-Sunnyvale-Santa Clara, CA | $34.79 |
| Santa Cruz-Watsonville, CA | $33.77 |
| Nassau-Suffolk, NY | $33.04 |
| Orange County, CA | $30.92 |
| Westchester County, NY | $30.60 |
| Oakland-Fremont, CA | $30.48 |
| Danbury, CT | $30.44 |
