Out of Reach 2012: America’s Forgotten Housing Crisis
Posted under Resources on March 14, 2012
A full-time worker must earn per $18.25 per hour in order to afford rent and utilities on a modest two-bedroom rental unit without spending above 30 percent of income on housing costs. according to the National Low Income Housing Coaltion’s annual report, Out of Reach 2012. By contrast, the average American renter earns just $14.15 per hour.
The report is a side-by-side comparison of wages and rents in every county, metropolitan area, combined nonmetropolitan area and state in the United States. For each jurisdiction, the report calculates the amount of money a household must earn in order to afford a rental unit in a range of sizes at the area’s Fair Market Rent (FMR), based on the generally accepted affordability standard of paying no more than 30 percent of income for housing costs. These calculations provide the hourly wage a worker must earn, the “Housing Wage,” to afford the FMR for a two-bedroom home.
To read the full report, click here.