07/16/2021
According to the National Low Income Housing Coalition’s Out of Reach report, a US renter would need to earn an average of $20.40 per hour to afford a one-bedroom rental home. For a two-bedroom, the figure increases to $24.90 per hour. Since 2009, minimum wage has been far below these averages, weighing in at $7.25 per hour. Not only has the COVID-19 pandemic been a threat to the economy, but many low wage workers are housing cost-burdened. They are unable to spend 30-50% of their earnings on rent, leaving them without a threshold of savings. Most states require renters to earn at least $27.37 per hour to afford a two-bedroom apartment, thus states experience deficits between average housing costs and minimum wages. For more on this topic, visit https://www.usnews.com/news/best-states/articles/2021-07-14/housing-isnt-affordable-for-minimum-wage-workers-anywhere-in-the-us
