New study finds rent unaffordable for a third of Americans
23 Dec 2004 05:45 GMT
A new study by the National Low Income Housing Coalition has found that the cost of rental housing in the United States is out of reach for the majority of low wage earners, including elderly and disabled people with public income benefits. The report states that a third of the nation has difficulty affording rent and most often choose between paying rent and other expenses such as food. In 2004, the cost of rent continued to grow faster than wages and there is not a single jurisdiction in the country where a person working full-time at minimum-wage can afford a two bedroom rental home.
Here in Michigan, a person earning the minimum wage of $5.15 per hour must work 105 hours per week in order to afford a two-bedroom unit at the Fair Market Rent rate of $706 per month.
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