Rents are out of reach everywhere

S

signalmankenneth

Verified User
There is no state, county or city in the country where a full-time, minimum-wage worker can afford a two-bedroom rental, a new report says:whoa:

Housing has become so expensive in the United States that the typical minimum wage worker cannot afford rent, according to a new report.

There is no state, county or city in the country where a full-time, minimum-wage worker working 40 hours a week can afford a two-bedroom rental, a report from the National Low Income Housing Coalition showed.

A full-time minimum-wage worker can afford a one-bedroom rental in only 7% of all US counties — 218 counties out of more than 3,000 nationwide.

The federal minimum wage is $7.25.

But the report showed that a worker would need to earn $24.90 per hour in order to afford a two-bedroom home at Fair Market Rent. And a $20.40 "housing wage" would be needed for a one-bedroom. Fair Market Rents are government estimates of what a person should expect to pay for a modest home in their area.

A housing wage is the amount a worker would need to earn to afford a home without spending more than 30% of their income on rent and utilities.

"These amounts are far higher than many Americans -- including seniors, people with disabilities, and working families -- can spend on housing," wrote Marcia L. Fudge, secretary of the US Department of Housing and Urban Development, in the preface to the report.

Rents are out of reach

Nationally, the average fair market rent is $1,061 a month for a one-bedroom and $1,295 a month for a two-bedroom, according to the report.

Meanwhile, the average renter's hourly wage is $18.78, an income that can absorb only $977 a month in rent without being housing cost burdened. A household living on one minimum wage income can afford even less, $377 a month, the report showed.

The average renter In 17 states -- including California, Florida, and New York -- earns at least $5.00 below the state's average two-bedroom housing wage.

The biggest gap is in Hawaii, where the difference between what an average renter earns, and the state's two-bedroom housing wage is $20.13.

And even the states, the District of Columbia, and several dozen counties and municipalities that have minimum wages higher than the federal minimum wage don't clear the bar.

https://www.cnn.com/2021/07/15/homes/rent-affordability-minimum-wage/index.html
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Small business owners in France, Norway, New Zealand are obviously better business persons than their American counterparts -- they are able to function paying higher minimum wages while American businessmen claim they cannot afford $15 an hour.

The solution may be to raise federal minimum wage to $18/hour, let American businessmen fail, and issue green cards for French, Dutch, and Norwegian businessmen to come in and run our restaurants and Wallmarts.
 
SMDH. One bedrooms rent for over $2K/mnth but the solution is to raise the minimum wage to $18/hr as if that's going to cover it?

I guess I shouldn't laugh because that mindset is clearly prevalent in many areas. People somehow think that if demand increases but supply doesn't all we have to do is raise the minimum wage and that is somehow going to solve the problem.

There are certain parts of the country where adding more supply to keep up with demand is anathema to their belief system. Yet we express exasperation that housing then becomes unaffordable.
 
cawacko said:
SMDH. One bedrooms rent for over $2K/mnth but the solution is to raise the minimum wage to $18/hr as if that's going to cover it?

I guess I shouldn't laugh because that mindset is clearly prevalent in many areas. People somehow think that if demand increases but supply doesn't all we have to do is raise the minimum wage and that is somehow going to solve the problem.

There are certain parts of the country where adding more supply to keep up with demand is anathema to their belief system. Yet we express exasperation that housing then becomes unaffordable.
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For places like San Fan, you would need locality pay adjustments, like federal government has. For instance, a GS-11 step 1 in Columbus OH, annual pay is [FONT=&quot]$66,918 and in San Fan that same pay grade is [/FONT][FONT=&quot]$78,861?!! [/FONT]
 
The housing cost problem is massive and deadly, and importing millions of illegals a year and stealing trillions of dollars a year on the Generational Warfare Program (debt) adds large amounts of gasoline to the fire.



Buckle Up Fuckers!
 
signalmankenneth said:
For places like San Fan, you would need locality pay adjustments, like federal government has. For instance, a GS-11 step 1 in Columbus OH, annual pay is [FONT="]$66,918 and in San Fan that same pay grade is [/FONT][/COLOR][COLOR=#333333][FONT="]$78,861?!! [/FONT]
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When you have a growing population in an area and you don't increase supply it doesn't matter what you do with wages.
 
cawacko said:
This isn't about the President or federal gov't. This is an issue handled at the state and (mostly) local level. If you want the President to step in you aren't going to like the results.
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merely making the point that if Trump were in office he would be blamed........you know that is true.......
 
leaningright said:
My dad owns a house That he rents. 3 Bedroom, 2 Bath. He rents it to a recovering addict … $200/mo.
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Maybe it is just me, but renting a 3 bedroom house to one person for cheap just seems like a waste of 2 bedrooms. That house could house a family of several people.
 
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