Report: Average Rent Needed for One-Bedroom Apartment More than Double the Minimum Wage in America
While the cost of living has continued to climb since the housing bubble popped, wages have not kept pace. People are not earning more, they’re just paying more. For everything.
Case in point: a new report from the National Low Income Housing Coalition shows that no one who works a full-time minimum wage job in any state in this country could reasonably afford to pay their rent when set at the “affordable” level of 30% of one’s income.
Here’s a map showing the average wage needed to comfortably afford the rent for a two-bedroom apartment per each state:
The national minimum wage of $7.25 an hour. According to the report, the average wage needed to afford a two-bedroom apartment is $20.30.
In other words, an average American would need to earn more than twice the minimum wage just to comfortably afford a modest two-bedroom apartment (without spending more than a third of one’s income solely on rent). The average wage needed for a one-bedroom apartment is $16.35 an hour — still more than double the minimum wage.
What this means is that one in four American renting households, some 10.4 million, cannot even afford rent on a modest apartment. As the price of everything from food to utilities continues to rise in this country, the number of people who cannot afford to make ends meet just to basically get by is going to get bigger too.
And as the number of jobs continue to decline, it kinda makes you wonder what this country is going to look like in another decade…
“There is a fundamental mismatch between the wages people earn and the price of decent housing,” the report concluded.
Related: ‘Rent-Free’ at Home: More Than 20% of Millennials Still Living with Mom and Dad
Delivered by The Daily Sheeple
We encourage you to share and republish our reports, analyses, breaking news and videos (Click for details).
Contributed by Piper McGowin of The Daily Sheeple.
Piper writes for The Daily Sheeple. There’s a lot of B.S. out there. Someone has to write about it.
Source: http://www.thedailysheeple.com/report-average-rent-needed-for-one-bedroom-apartment-more-than-double-the-minimum-wage-in-america_052016
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).