The real estate market, which was doing fine even in the previous year by this time, has collapsed. With the fall in this industry, many homebuyers could get their dream homes at affordable rates.
But the condition of the renters was bad before real estate boom and even after that. The rental prices has surged bringing the affordability of renting an apartment to go farther.
The nation’s minimum wage of $6.55 could not get a person even a one-bedroom apartment for hire. According to National Low Income Housing Coalition’s survey, median hourly wage of an American renter is $14.69. But the amount he needs to earn to cover his monthly rent of an average $928 per two-bedroom apartment is $17.84 an hour.
Thus, he is short of more than $3 per hour to pay his rent.
In the case of an expensive metropolitan like Stamford or Santa Cruz, the renter must earn at least $31 per hour.
But the condition of the renters was bad before real estate boom and even after that. The rental prices has surged bringing the affordability of renting an apartment to go farther.
The nation’s minimum wage of $6.55 could not get a person even a one-bedroom apartment for hire. According to National Low Income Housing Coalition’s survey, median hourly wage of an American renter is $14.69. But the amount he needs to earn to cover his monthly rent of an average $928 per two-bedroom apartment is $17.84 an hour.
Thus, he is short of more than $3 per hour to pay his rent.
In the case of an expensive metropolitan like Stamford or Santa Cruz, the renter must earn at least $31 per hour.
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