We all know it’s hard to afford rent. Two-bedroom homes can feel like you’re paying for a two-story mansion, and a new study conducted by the National Low Income Housing Coalition backs that up.
Or a least it seems like it.
According to the research, a minimum wage worker would have to work at least 71 hours per working week to afford living in a two-bedroom home. Would you even be in your home if you worked that much?
If you live in the Phoenix metro area, that number goes up to 75 hours.
How do they get that number? Well, it’s currently law that you must not spend more than 30% of your monthly income on housing expenses. Combine that with the state minimum wage of $11 per hour and that adds up to about 71 hours.
The median monthly rent for Arizona residents is roughly $898, and in Phoenix that rises to just under $1,000
Also notably, full-time employees would need to make at least $42,000 a year to afford the same housing in Phoenix, and in Flagstaff, that rises to $50,000 a year.
Who said living with your parents is bad?