Housing might seem expensive and, spoiler alert, that's because housing is expensive. A new report from the National Low-Income Housing Coalition, details just how expensive it is — between 2007 and 2015 median rent prices rose six times as fast as the median income.
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The 280-page study is filled with incredible statistics that make us feel less bad about how hard it is to find lodging. One standout stat that really blew us away: A minimum-wage worker in New York state would need to work 101 hours per week in order to afford a one-bedroom rental.
What we found most interesting though was the breakdown of how much people needed to make per-hour in order to afford a two-bedroom rental. This assessment is based on a 40-hour workweek, 52 weeks per year and mandates that the person does not pay more than 30% of their income on housing.
Considering that the federal minimum wage is $7.25, it's note worthy that not one state is affordable for one person to get a two-bedroom rental on that salary.
Here is how much must be made per hour in each state, from most expensive to least, in order to rent a two-bedroom.
- Hawaii: $32.20
- District of Columbia: $33.58
- California: $30.58
- Maryland: $28.27
- New York: $28.08
- Massachusetts: $27.39
- New Jersey: $27.31
- Connecticut: $24.72
- Alaska: $24.16
- Washington: $23.64
- Virginia: $23.29
- Colorado: $21.97
- Vermont: $21.90
- New Hampshire: $21.71
- Delaware: $21.62
- Illinois: $20.87
- Florida: $20.68
- Oregon: $19.78
- Rhode Island: $19.49
- Pennsylvania: $18.68
- Minnesota: $18.60
- Texas: $18.38
- Maine: $18.05
- Nevada: $18.01
- Arizona: $17.56
- Utah: $17.02
- Georgia: $16.79
- North Dakota: $16.36
- Michigan: $16.24
- Louisiana: $16.16
- Wisconsin: $16.11
- South Carolina: $15.83
- Wyoming: $15.80
- North Carolina: $15.79
- New Mexico: $15.78
- Missouri: $15.67
- Kansas: $15.59
- Tennessee: $15.34
- Nebraska: $15.22
- Indiana: $15.17
- Ohio: $15.00
- Montana: $14.90
- Mississippi: $14.84
- Alabama: $14.78
- Oklahoma: $14.78
- Idaho: $14.65
- Iowa: $14.57
- West Virginia: $14.49
- South Dakota: $14.12
- Kentucky: $13.95
- Arkansas: $13.72
- Puerto Rico: $9.68
If you want to read the rest of the fascinating study, you can check it out here.
