BOSTON — Anyone living in Boston can attest to the absurdity that has become renting an apartment in the city.
New data from the National Low Income Housing Coalition has revealed that, not only is housing in cities across the country becoming more expensive but it is even harder for those living on minimum wage.
The staggering gap between wages and the cost of housing nationwide has created a significant problem for most American families.
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The report, released on Wednesday, details how it is virtually impossible for someone working a 40-hour week and earning the federal minimum wage of $7.25 to afford renting a modest 2-bedroom apartment anywhere in the country.
In order to afford a modest, two-bedroom apartment, renters would have to earn a wage of $22.10 per hour. The current average cost of a two-bedroom apartment is $14.85 higher than the federal minimum wage and $5.22 higher than the estimated average hourly wage of 16.88 earned by renters nationwide.
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The report ranks the Commonwealth as the state with the 6th highest housing wage.
Residents need to earn $28.64/hour to afford a 2-bedroom. At minimum wage, you'd have to work 104 hours per week to afford a 2-bedroom. That number is even higher in Boston.
In New Hampshire - the 14th highest housing wage - residents must make $22.32/hour to afford a 2-bedroom.
The report lists Hawaii as the most expensive state with $36.13/hour required to afford a 2-bedroom and Arkansas as the least expensive with $13.84/hour need for a 2-bedroom.
>> Read more here.
Cox Media Group
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