January 28, 2015

How Many Jobs Does It Take to Afford Rent?

Minimum Wage Earners - Affordable Rent

How many jobs must minimum wage earners work to afford rent? Nationwide, the average is 2.6 full-time jobs to afford a two-bedroom apartment without paying more than 30% of their income on rent. A worker would have to make $18.92 an hour to afford rent, according to a report from the National Low Income Housing Coalition.

In no state can a full-time minimum wage worker afford a one-bedroom or a two-bedroom rental unit at Fair Market Rent. This includes high cost big cities and lower cost rural areas.

In addition, respondents to a Freddie Mac survey of renters indicated that they tend to live paycheck to paycheck. Forty five percent of the renters surveyed say they have just enough money to get by, and 17 percent say they do not have enough money for basics, like food and housing until the next payday.

Note:  About 90 percent of the apartment units Freddie Mac finances have rents that are affordable to low and moderate income renters—those who earn up to the area median income.

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