Sign Up For Novogradac Industry Alert Emails

Report: Worker Would Need to Average Three Times Minimum Wage to Afford Two-Bedroom Home

Wednesday, September 18, 2002 - 1:45AM

A person working full-time would have to earn a national average of $14.66 an hour -almost three times the federal minimum wage of $5.15-to afford to rent a two-bedroom home, according to a report released today by the National Low Income Housing Coalition (NLIHC). The report, “Out of Reach,” annually calculates the “housing wage,” or the amount of money a household must earn in order to afford a rental unit at the area’s Fair Market Rent (FMR). According to NLIHC, six of the 10 least affordable Metropolitan Statistical Areas (MSA) are in California; in San Francisco, the least affordable MSA in the U.S., the housing wage is $37.31.

Learn more about Novogradac's expertise and many services