How much do you need to earn to afford to rent a 2 bed apartment?

A new report by the National Low Income Housing Coalition finds that it is getting harder and harder for average Americans to afford a modest rental.

In 2016, a worker would need to make $20.30 per hour to rent a two-bedroom accommodation comfortably—without devoting more than 30 percent of income on housing costs. Last year, NLIHC pegged this “housing wage” at $19.35 per hour. The actual average hourly wage is $15.42.

The report highlights the difference in each State between the actual hourly earnings and that needed to afford a 2 bed rental.

This is the summary for Massachusetts: (more…)