This New Study On Rent Prices Vs. Wages Is Going To Depress You

06.19.19 1 month ago

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Thinking about moving to [insert literally anywhere in the United States]? Well, good luck, because chances are high that no matter what city or town you decide to call home, the cost of rent is going to gobble up most of your funds unless you’re making well above minimum wage. According to an annual study by the National Low Income Housing Coalition, as of now, there isn’t a single state, city, town, or county in the U.S. where you can realistically afford a modest apartment while earning statue minimums.

The National Low Income Housing Coalition (NLIHC) has been documenting the disparity between renters’ earnings and rental costs across the country for 30 years, but their most recent report (published Tuesday) reveals a harrowing reality. According to calculations done by HuffPost, with a federal minimum wage of $7.25 you’d need to work 127 hours a week, or you know, three-full time jobs and about seven hours of overtime, just to afford a modest two-bedroom rental without spending more than 30% of your salary. For all the bachelors out there, that math equals out to 103 hours a week to afford a one-bedroom, and you probably know all too well how much it costs to afford a studio — because if you live in a major city you’re probably currently sharing one.

NLIHC

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