Mapping the Myth of Affordable Housing
Suzy Khimm shares the distressing results of the NLIHC study, which looked at affordability in every state based on Fair Market Rent, "the government's measure for the monthly cost of a "modest, non luxury rental unit" in a specific area, plus utilities," in a piece for The Washington Post.
"Nationally, the NLIHC calculates that a household needs to earn $37,960 in 2012 to afford a two-bedroom unit at the national average Fair Market Rate of $949 a month. By comparison, someone earning the current federal minimum wage, working 40 hours a week, earns only $15,080 a year."
As rents rise, government assistance falls, and wages continue to stagnate nationwide, the affordable housing crisis is likely to get worse before it gets better.