From the press release:
According to Out of Reach 2014, a report released today by the National Low Income Housing Coalition, an individual needs to earn $18.92 an hour to afford a two-bedroom rental until at Fair Market Rent. This figure is referred to as the “Housing Wage.” Today’s national average Housing Wage is more than two-and-a-half times the federal minimum wage, and 52% higher than it was in 2000.
Out of Reach 2014 reveals the drastic difference between what renters need to earn to afford rent and what the average renter actually earns. In 2014, the mean renter wage, or what the average American renter earned, is $14.64 an hour. While housing costs vary nationwide, Out of Reach 2014 finds that in no state can a full-time minimum wage worker afford a one-bedroom or a two-bedroom rental unit at the Fair Market Rent.
There are significant differences between the national Housing Wage of $18.92 and state and county Housing Wages, as well as between metropolitan and non-metropolitan areas, all of which are available in the full Out of Reach 2014 report.
According to Out of Reach 2014, the top five most expensive states are:
• Hawaii, with a Two-Bedroom Housing Wage of $31.54.
• District of Columbia, with a Two-Bedroom Housing Wage of $28.25.
• California, with a Two-Bedroom Housing Wage of $26.04.
• Maryland, with a Two-Bedroom Housing Wage of $24.94.
• New Jersey, with a Two-Bedroom Housing Wage of $24.92.
New York, Massachusetts, Connecticut, Alaska, and Virginia finish out the list of top 10 most expensive states in 2014.