The Complete Lack of Rental Housing Affordable to People Making Minimum Wage
Jeff Andrews shares news of the report, and explains the key findings of the report thusly: "According to the report, fair market rent for one-bedroom rentals in 99 percent of counties in the U.S. are not affordable—with affordable defined as 30 percent or less of a renter’s income—for a full-time minimum wage worker…"
Andrews adds more layers to the report's description of the lack of affordability around the country: "On the national level, affordable rent for someone living on Social Security income—roughly 8 million people—would be just $231 per month. For someone living on minimum wage it’s $377, and for someone making the average renter wage, it’s $913. These amounts are all lower than the national average fair market rent for a one-bedroom—$970."
The "Out of Reach" report also offers a number of prescriptions to mitigate the crisis, according to Andrews, including increased funding to a few federal programs, like the Housing Trust Fund, the Housing Choice Voucher program, and the Low-Income Housing Tax Credit (LIHTC) program, among other actions.
Tim Logan also picked up news of the new report, with a local perspective on the news from Boston and Massachusetts.