Affordable housing is a major problem in the United States and a topic that too often is forgotten about or not discussed. I just posted a few pages of information about affordable housing under the photos tab, but here are a few facts to get you started:
A low-income family cannot even afford a two-bedroom apartment:
- The Department of Housing and Urban Development (HUD) considers housing to be affordable when the cost of housing, including rent or mortgage/tax payments plus basic utilities, does not exceed 30% of a low-income family's total annual income.
- 40.9 million households (more than a third of US families) lacked affordable housing in 2012, an increase of more than 9 million from 2002.
A low-income family cannot even afford a two-bedroom apartment:
- The Fair Market Rent for a two-bedroom rental unit in the U.S. is $949
- A renter household needs an annual income of $37,960 in order for a two- bedroom rental unit at the Fair Market Rent to be affordable
- A renter household needs to earn at least $18.25 per hour in order for a two- bedroom rental unit at the Fair Market Rent to be affordable
- The estimated mean (average) renter wage in the U.S. is estimated to be $14.15 in 2012
- If a household earns the equivalent of a job paying the mean renter wage, it can afford to spend as much as $736 in monthly rent
- The federal minimum wage is $7.25 in 2012
- If a household earns the equivalent of one job paying the minimum wage, it can afford to spend as much as $377 in monthly rent
- A renter earning the federal minimum wage must work 101 hours to afford a two-bedroom rental unit at the Fair Market Rent
- A renter earning the mean renter wage must work 52 hours per week to afford a two-bedroom rental unit at the Fair Market Rent