An hourly wage of $22.10 is now what’s needed to afford a typical, modest two-bedroom rental nationwide, according to a new report released Wednesday, and most renters don’t earn nearly that much.
In its report, the National Low Income Housing Coalition estimated that the typical renter instead earns just $16.88, meaning that for most the average “affordable” rental housing, as defined by the government, is not within financial reach.
The new estimate of $22.10 is up almost $1 from the $21.21 estimate a year earlier.
In many big cities, the gap between what people earn and what would be needed for a rental is much bigger. In San Francisco, for instance, you need to earn $60 an hour to afford the Department of Housing and Urban Development’s fair market rent.
In no city or county can a minimum wage worker afford a modest two-bedroom apartment, according to the report, which is released annually.