Making ends meet has become harder for the country’s working class, according to a report released this week.
The housing wage, or the hourly amount a full-time worker must earn to afford a decent two-bedroom apartment, has increased to $18.92 this year, according to the National Low Income Housing Coalition (NLIHC) in its Out of Reach 2014 annual report, released Tuesday.
That national average of $18.92 is 52 percent higher than it was in 2000, officials say.
The report detailed which areas were most difficult for renters to afford housing based on the fair-market rent of a two-bedroom unit.
Five of the 10 most expensive metropolitan areas for affordability are in California, according to the report. A worker would need to earn an hourly wage of $26.04 in California, according to the state average. Meanwhile, three of the 10 most expensive areas are in Connecticut where a worker would need to earn $23.02 an hour on average for a two bedroom apartment.
Top 10 Most Expensive Metros and Hourly Wage Needed for Two-Bedroom Unit
- San Francisco, Calif. $37.62
- Honolulu, Hawaii $35.00
- San Jose, Calif. $31.71
- Orange County, Calif. $31.62
- Nassau, N.Y. $31.02
- Santa Cruz, Calif. $30.71
- Oakland, Calif. $30.35
- Danbury, Conn. $30.31
- Stamford, Conn. $29.83
- Oxnard, Conn. $28.44
Lindsay Machak is an Associate Editor for Multifamily Executive. Connect with her on Twitter @LMachak.
