The National Low Income Housing Coalition released its 30th annual “Out of Reach” report, illustrating the cost of renting modest one or two-bedroom apartments at market prices in all 50 states and Washington D.C.
The report shows just how far out of reach that goal is for most full time making low or minimum wages.
As the report illustrates, a full-time worker in the U.S. must earn $22.96 per hour to afford a modest two-bedroom apartment and $18.65 for a modest one-bedroom apartment.
In nine states and the District of Columbia, full-time workers must earn more than $25.00 per hour for a modest two-bedroom apartment.
In North Carolina, according to the report, the fair market rent for a two-bedroom apartment is $881.
“In order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $2,938 monthly or $35,256 annually,” the report reads.
That would mean someone working 40 hours a week for 52 weeks a year would need to earn $16.95 an hour — more than twice the current $7.25 per hour minimum wage in the state.
Get the full report — and info about methodology — here.