The Minimum Wage Required to Rent a Two-Room Apartment in Every State
If you’re not ready to buy a home , it’s usually best to rent an apartment. This is the minimum hourly wage you need to earn in each state to rent an average two-bedroom condo, according to a new report.
The National Low Income Housing Coalition report is based on a wide range of data, including the fair market rents for two-bedroom apartments in each state and the average wages that most tenants in the state actually receive. Unsurprisingly, the state’s current minimum wage is not sufficient for someone to rent a two-room apartment there. However, keep in mind that the report is based on one person paying the entire rent. So, ideally, a roommate should cut the minimum wage in half. However, it is interesting to see how affordable and downright expensive some states can be. You can view the full report at the link below.
Out of Reach 2015 | National Low Income Housing Coalition via CityLab