Minimum Wage Workers Cannot Afford Rent Anywhere in the Hudson Valley
A new report reveals that not only can minimum wage works not afford rent anywhere in the Hudson Valley, but also across the U.S.
CNBC reports that full-time minimum wage workers cannot afford a two-bedroom rental anywhere in the U.S. This was determined from an annual study that was just released by the National Low Income Housing Coalition. The study is called "Out of Reach". This study also determined that full-time minimum wage workers cannot afford a one-bedroom rental in 95% of the U.S. The average minimum wage worker in the U.S. would need to work nearly 97 hours a week to afford a fair market two-bedroom rental, and 79 hours for a one-bedroom.
In New York, the numbers speak volumes to the housing crisis. According to the study, the average New Yorker would have to make $32.53 per hour to afford a fair market two-bedroom apartment, which is $5,638 monthly or $67,653 annually. Currently, the New York State minimum wage is $11.80 and the average renter wage is $25.68. In New York, you would have to work 110 hours a week at minimum wage to afford a two-bedroom apartment, or 95 hours a week to afford a one-bedroom. The Poughkeepsie-Newburgh-Middletown HUD Metro FMR was named the fourth most expensive metro area in New York, with the housing wage necessary to afford a two-bedroom apartment being $26.87. Kingston was right behind with $23.37 being the housing wage needed to afford a two-bedroom apartment.
The study went even further to break it down by county. In Dutchess County, you need to make $26.87 to afford a two-bedroom apartment or an annual income of 55,880. With the actual minimum wage, you would need 2.3 full-time jobs. The average wage in Dutchess County is $13.64. Orange County had similar numbers, with someone also needing to make $26.87 to afford a two-bedroom apartment. However, the average wage in Orange County is $11.58. In Ulster County, the numbers aren't as bad but still are not as good. To afford a two-bedroom apartment in Ulster County, you need to make $23.37, or $48,600 annually. The average hourly wage in Ulster County is $10.81, which is below the state minimum wage.
Affordable is defined as spending no more than 30% of your monthly income on rent, according to CNBC. The national housing wage, what a full-time worker must make in order to afford a fair market rental, is $2.96 per hour for a two-bedroom or $19.56 for a one-bedroom. To put that in perspective, the average grocery store worker earns $11.61 per hour in the U.S.
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