In order to afford a $1,295- a-month rental home, the average fair market rent in the U.S., a full-time hourly worker would need to earn $24.90 an hour, more than three times the $7.25 federal minimum wage. - Dreamstime/Dreamstime/TNS
For the second year in a row, a group studying the chasm between declining wages and soaring rents found that nowhere in the U.S. can a minimum-wage worker afford a two-bedroom apartment at the fair market rent. In its signature Out of Reach report released this week, the National Low Income Housing Coalition determined that a full-time hourly worker would need to earn $24.90 an hour, more than three times the $7.25 federal minimum wage, in order to afford a $1,295-a-month rental home. That’s the average “fair market rent” in the U.S., according to the U.S. Department of Housing and Urban Deve...
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