For millions of Americans, housing costs are perversely mismatched to hourly wages. In 2017, the average U.S. worker would need to bring in a whopping $21.21 per hour to reasonably afford a modest two-bedroom apartment. That’s nearly three times the federal minimum wage of $7.25, and roughly 30 percent more than the $16.38 hourly wage that the average U.S. renter brings home.
These stark numbers come from the National Low Income Housing Coalition’s latest Out of Reach report, which maps the minimum hourly wage required to afford a modest rental based on federal Fair Market Rent (FMR) estimates. The report defines “affordable” as housing and utilities that cost no more than 30 percent of a person’s annual income—also the basic standard used by the feds. NLIHC has run these reports since 2005, and this minimum “housing wage” is rising year over year.
[For more of this story, written by Laura Bliss, go to https://www.citylab.com/equity...-us-counties/529782/]
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