Affordability of Rental Housing: Out of Reach 2014
Posted by on April 07, 2014
Affordability of Rental Housing
The National Low Income Housing Coalition has released Out of Reach 2014, which explores the continuing lack of affordable rental housing in the U.S. According to the report, in no state can a full-time minimum wage worker afford a one- or two-bedroom rental unit at the Fair Market Rent.
The signature finding of Out of Reach is the annual Housing Wage – the hourly wage a full-time worker must earn to afford a decent two-bedroom rental home at HUD-estimated Fair Market Rent (FMR) while spending no more than 30% of income on housing costs. The Housing Wage allows Out of Reach to capture the gap between wages and rents across the country, and reveals the growing disparity that low income renters face.
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