Can a minimum wage worker afford rent?

Housing has become so expensive in the United States that the typical minimum wage worker cannot afford rent, according to a new report. There is no state, county or city in the country where a full-time, minimum-wage worker working 40 hours a week can afford a two-bedroom rental, a report from the National Low Income Housing Coalition showed.

How many hours would you need to work to afford a house?

Given each state and locality’s minimum wage, the report finds that the average minimum wage worker in the U.S. would need to work nearly 97 hours per week to afford the average two-bedroom home. That’s more than two full-time jobs. The pandemic exacerbated housing issues, with low-wage workers facing the brunt of job loss.

How many American workers earn below the minimum wage?

According to the United States Bureau of Labor Statistics (BLS), in 2018, 1.7 million American workers — about 2\% of all workers in the country — earned wages at or below the minimum wage. That’s right.

How much would you have to earn to afford an apartment?

Based on this number, in order to afford such a property, an individual earning the federal minimum wage of $7.25 per hour would have to work nearly 127 hours per week, or hold more than three full-time jobs.

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How much do you need to earn to afford to rent?

The federal minimum wage is $7.25. But the report showed that a worker would need to earn $24.90 per hour in order to afford a two-bedroom home at Fair Market Rent. And a $20.40 “housing wage” would be needed for a one-bedroom.

How much do you need to earn to afford rent in West Virginia?

West Virginia has among the lowest housing wages. But with a minimum wage of $8.75 an hour, workers would still need to earn $14.83 an hour to afford a two-bedroom apartment, and $12.12 for a one-bedroom. The report includes an interactive map that shows how much you need to earn in your area to afford rent.

How do you calculate how much does it cost to rent?

Multiplying each state’s minimum wage by 40 hours per week and 52 weeks per year—then finding 30\% and dividing it by 12 months—find out which states have housing options that are closest to meeting the budget. * Average studio rent prices from National Low Income Coalition (2020). 9