HOUSING AFFORDABILITY AND AVAILABILITY
There’s not a single state, county, or metropolitan area in the entire United States where a full-time worker earning the federal minimum wage of $7.25 an hour can afford a modest 2-bedroom apartment. (CNN)
U.S. workers need to earn $22.10 an hour to afford a modest two-bedroom rental. That’s about three times the federal minimum wage.
On average, housing expense now consumes over 40% of family income. LEARN MORE
Median priced homes were unaffordable for people earning the average wage in 75% of U.S. counties LEARN MORE
“Unfortunately, home-price and rent growth above incomes — driven primarily by a severe shortage of housing supply — have been too high of a hurdle for many would-be buyers to clear.” (Sam Khater, Freddie Mac’s chief economist) LEARN MORE