Date: March 31, 2018Author: Denbeaux & Denbeaux
In order to afford a modest, two-bedroom rental home in the U.S., renters need to earn a wage of $21.21 per hour. The Housing Wage for a two-bedroom apartment is $13.96 higher than the federal minimum wage of $7.25, and $4.83 higher than the average hourly wage of $16.38 earned by renters nationwide.
In no state can a person working full-time at the federal minimum wage afford a two-bedroom apartment at the Fair Market Rent.
A renter earning the federal minimum wage of $7.25 per hour would need to work 117 hours per week to afford a two-bedroom rental home at the Fair Market Rent and 94.5 hours per week to afford a one-bedroom. In only 12 counties can a full-time worker earning the prevailing federal or state minimum wage afford a one-bedroom rental home.
Click here to read the full report from the National Low Income Housing Coalition. There is also a budget calculator on the site that works for any zip code. Just type in the zip code and you will see the hourly wage that is needed to afford the rent on a two-bedroom house in that zip code.
For the basic information about New Jersey wages and housing click here.
For more housing information
[email protected] | 202.662.1530 x244
Housing and Community Development Network of New Jersey
145 West Hanover Street
Trenton, NJ 08618
Mr. Arnold Cohen, Senior Policy Coordinator | [email protected]
Ms. Staci Berger, President and CEO | [email protected]