Where is All The Affordable Housing?

theoutline.com

The National Low Income Housing Coalition released 'Out of Reach 2018', its latest annual report on housing costs, and well, housing is not quite affordable. The report documents the gap between wages and the cost of rental housing across the United States, providing an estimate of the hourly wage a full-time worker must earn to afford a rental home at HUD’s fair market rent (FMR) without spending more than 30% of his or her income on housing costs. A full-time worker earning the federal minimum wage of $7.25 needs to work approximately 122 hours per week for all 52 weeks of the year, to afford a two-bedroom rental home at this average.  

The 2018 national Housing Wage is $22.10 for a modest two-bedroom rental home and $17.90 for a modest one-bedroom rental home. The five metropolitan areas with the highest two-bedroom Housing Wages are Stamford-Norwalk, CT ($38.19), Honolulu, HI ($39.06), Oakland-Fremont, CA ($44.79), San Jose-Sunnyvale-Santa Clara, CA ($48.50), and San Francisco, CA ($60.02). 

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