Housing Advocacy:
Does the minimum wage provide adequate income for families and individuals seeking to rent or own a home of their own?
According to the report, Out of Reach 2006, there is not a county in the country where a full-time minimum wage worker can afford even a one-bedroom apartment at the fair market rent. On average, nationwide, even a household with three workers earning the federal minimum wage and working 40 hours a week, 52 weeks a year could not afford a two-bedroom unit at $848, the national average Fair Market Rent.
Converted to an annual income, the Housing Wage of $16.31 indicates that on a national basis a family would have to earn $33,925 a year to be reasonably assured of finding an affordable two bedroom rental unit in today’s housing market. Yet, according to the most recent data available,7 roughly 42 million households nationwide, including 22 million with at least two people living in them, earned less than $34,000 last year.
Other questions & answers related to this topic:
Who needs affordable housing?
What are some of the key statistics to understand regarding the lack of affordable housing in many communities of the U.S.?
What are some of the implications for funders interested in issues of homelessness and affordable housing?
What other good resources exist for supporting the development of affordable housing in our communities?
What are housing trust funds, and how are they being used to provide access to affordable housing?
What is the Section 8 Housing Choice Voucher Program?