Out of Reach 2010
On Wednesday, April 21, the National Low Income Housing Coalition (NLIHC) released Out of Reach, an annual analysis of the cost of rental housing in the United States. Primary among the findings of the report was the level of this year's "housing wage;" the report found that a household must earn $18.44 per hour in order to afford a modest rental, two-bedroom home in the United States. This amounts to $38,360 per year - $16,310 more than the federal poverty level for a family of four. Other key findings of the report include:
- In 2010, the estimated average wage for renters in the United States is $14.44, a decline from $14.69 in 2009;
- At the federal minimum wage of $7.25, a household would have to work 102 hours a week to afford the national average fair market rent (FMR); and
- There is no county in the United States in which a full-time minimum wage worker can afford even a one-bedroom apartment at FMR.
Download the report on the NLIHC website at www.nlihc.org/oor/oor2010/.
Source: National Low Income Housing Coalition