Friday, June 23, 2017

HOW MUCH MONEY YOU NEED To MAKE To AFFORD RENT In YOUR STATE!!!



According to a recent report from the NATIONAL LOW INCOME HOUSING COALITION (NLIHC), there is absolutely no place in the entire UNITED STATES Of AMERICA where a person working a full-time minimum wage job could afford to rent a two-bedroom apartment!!!

While working a minimum-wage job, downsizing to a one-bedroom apartment will get you only so far. According to the report, such affordable housing is only located between 12 counties in the states of ARKANSAS, OREGON, and WASHINGTON.

The WASHINGTON POST reports the current FEDERAL MINIMUM WAGE is $7.25 per hour. That means on average, you would have to earn about $17.24 an hour to afford a modest one-bedroom apartment without having to spend more than 30 per cent of your monthly budget on housing costs. You would need to earn about $21.21 to afford a two-bedroom apartment of the same standard. That is nearly three times the federal minimum wage.

NLIHC CEO-President DIANE YENTEL said;
"The gap between wages and rent is growing. There's no doubt that the affordable housing crisis overall has increased since the foreclosure crisis in 2007."
The minimum hourly wage required to afford rent on a two-bedroom apartment, of course, depends on where you live -- ranging from a low of $11.46 in some counties in Georgia to a high of $58.04 in the San Francisco Bay Area.
The most expensive state for housing is Hawaii, where workers would need to make $35.20 an hour to afford a two-bedroom apartment. They would need to make $33.58 in the District of Columbia, $30.92 in California, $28.27 in Maryland, and $28.08 in New York.
In the District, where the hourly minimum wage is $12.50, a household -- say a single parent -- must earn $69,840 a year to be able to afford the fair market rent of $1,746 a month for a two-bedroom apartment.
Someone making the federal minimum wage would need to work 117 hours a week -- or nearly three full-time jobs -- to be able to afford a two-bedroom apartment.
U.S. Rep KEITH ELLISON (D: MN) said;
"For decades, politicians were told that the mortgage interest deduction was something you just couldn't talk about. It was the so-called third rail, and if you messed with it, you were going to be electrocuted. I actually think we should be directing our housing expenditures to people who need it the most."
President DONALD TRUMP, in his budget plan for the 2018 fiscal year, recently proposed $6.2 billion in cuts to the Department of Housing and Urban Development, the most dramatic reduction to the agency since President Ronald Reagan slashed its funding by 50 percent in the early 1980s. Trump’s proposal would gut federal funding for affordable housing, along with other programs designed to serve the poor.

-CCG






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