A new report from the National Low Income Housing Coalition (NLIHC) found that workers who work 40 hours a week at a federal or state minimum wage can only afford a one-bedroom rental in 12 U.S. counties.
HousingWire reports that the study also found that 76.4 percent of renter households would need to work more than 60 hours per week at minimum wage in order to rent a home without paying more than 30 percent of their income.
The NLIHC ranked all 50 states, Washington, D.C., and Puerto Rico to find where renting prices were the most prohibitive. Topping their list was Hawaii, where those working for minimum wage would need to work a whopping 152 hours a week to spend below 30 percent of their income on a two-bedroom apartment. Other areas in the top 10 include Washington, D.C., New York, and California.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
