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It now takes a $22.10 hourly wage to afford the typical modest two' bedroom rental


Added 06-13-18 01:06:02pm EST - “An hourly wage of $22.10 is now what's needed to afford a typical, modest two-bedroom rental nationwide, according to a new report released Wednesday, and most renters don’t earn nearly that much.” - Washingtonexaminer.com

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Posted By TheNewsCommenter: From Washingtonexaminer.com: “It now takes a $22.10 hourly wage to afford the typical modest two-bedroom rental”. Below is an excerpt from the article.

An hourly wage of $22.10 is now what's needed to afford a typical, modest two-bedroom rental nationwide, according to a new report released Wednesday, and most renters don’t earn nearly that much.

In its report, the National Low Income Housing Coalition estimated that the typical renter instead earns just $16.88, meaning that for most the average “affordable” rental housing, as defined by the government, is not within financial reach.

In many big cities, the gap between what people earn and what would be needed for a rental is much bigger. In San Francisco, for instance, you need to earn $60 an hour to afford the Department of Housing and Urban Development’s fair market rent.

In no city or county can a minimum wage worker afford a modest two-bedroom apartment, according to the report, which is released annually.

About half of renters spend that much or more on their apartments, according to Harvard’s Joint Center for Housing Studies, a situation that has led to HUD declaring a rental “crisis.”

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