Society

Study Shows Gaps Between Wages And Cost To Rent A Two-Bedroom Apartment

| by Dominic Kelly
Money.Money.

A recent study reveals how much a person would need to earn hourly to afford a two-bedroom apartment in all 50 states and compares those hourly wages to the actual hourly wages renters earn.

After crunching the numbers, the National Low Income Housing Coalition released its Out Of Reach study and revealed just how much a person would have to make per hour, on average, to afford a standard two-bedroom apartment.

Unsurprisingly, states like New York and California were near the top, with Maryland, Washington, D.C., and Connecticut also on the higher side. Hawaii took the top spot. For a person to rent a two-bedroom apartment in Hawaii, he would have to make an average of $31.61 per hour.

The typical hourly wage in Hawaii is reportedly $14.49, which makes the gap between the two wages more than $17. While Maryland was closer in average wage to Hawaii, the gap between what it pays and what it should pay for someone to afford a two-bedroom apartment was much smaller.

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“The data in Out of Reach is sobering,” Oregon Gov. Kate Brown said in a preface to the report, reported Daily Mail. “There simply isn't enough reasonably priced, decently maintained housing to meet the demand, and rapidly rising rents outpace wages. As a result, one out of four households spends more than half their income on housing costs.”

Take a look at the infographics below. Where does your state stand?

Sources: Daily Mail, nlihc.org

Photo Sources: Courtesy NLIHC, GovTech, Wikimedia Commons