The 2021 Out of Reach report paints a tough picture for those working minimum wage jobs.
The report, which was compiled by the National Low Income Housing Coalition finds that the average minimum wage employee in the U.S. would need to work 97 hours per week to cover an ‘affordable’ two-bedroom home at Fair Market Rent.
A one-bedroom unit would take the average minimum wage worker approximately 79 hours per week to afford.
Affordable is defined as no more than 30% of a household’s gross income for rent and utilities, which financial experts have long-touted as a safe standard.
The discrepancy between minimum-wage income and affordable rent is growing as real estate markets across the U.S. explode. Here in the Finger Lakes- homes are selling for tens-of-thousands more than they did just a year or two ago- placing homeownership even further out of reach for many.
The group put together a state-by-state hourly wage calculation to demonstrate the out-of-whack balance that’s been created in recent years as rent prices soared.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].