There are over 121 million workers in the US as of May 2015 according to Statista. With an average income of $53,000 a year according to CNN Money, then the average worker makes $25.36 an hour and could not afford to live in Hawaii, District of Columbia, California or New York.
Monday, June 15, 2015, a newly released report, Out of Reach, from National Low Income Housing Coalition shows the minimum wage needed to earn and afford a two-bedroom apartment in each state. Typically expensive housing wage was found in Hawaii, California and New York show individuals need to earl more than $25 per hour to afford a two bedroom.
Considering the ongoing rebel cry to raise wages to $15 an hour that is roughly $30,000 a year. The report further finds that many people would have to work 2 to 3 full-time minimum wage jobs in order to afford a one-bedroom apartment.
The jobs are in the city but the housing is outrageous. Low income individuals are being forced out to the suburbs or pay more than half or all of their income on housing costs. Ultimately the commute and wear and tear cost more than increased housing and time loss in traffic.
The entire report puts into sharp perspective the ultimate cost of rising housing across our nation has become a harsh economic reality.
National Low Income Housing Coalition
Out of Reach report link: http://nlihc.org/sites/default/files/oor/OOR_2015_FULL.pdf