Alyssa Stringer | HousingWire
The cost of living now outweighs the average salary in most cities, so how does that affect the job and housing market? Read on for a breakdown of the average cost of living in each city and how that aligns with the average hourly wage.
The National Low Income Housing Coalition recently released a report on the hourly pay needed to afford modest living state by state and the numbers are striking. California is the third highest housing wage, requiring an hourly wage of $32.68 in order to afford a two-bedroom rental home. In San Francisco, the minimum hourly wage needed to afford a two-bedroom apartment is $60 per hour, that’s $120,000 per year.
The cost of living is only continuing to skyrocket, especially in large metro cities. Mike Rosenberg breaks it down here:
Hourly pay needed to afford a 2-bedroom apartment, by metro area
San Francisco: $60 an hour
San Jose: $48
Oakland: $45
Honolulu: $39
Seattle: $36
DC: $34
NY: $34
Boston: $33
LA: $32
Denver: $27
Miami, Portland: $26
Here’s the state-by-state breakdown:https://t.co/Kkixhb2gzLpic.twitter.com/mnBC6XgpSx— Mike Rosenberg (@ByRosenberg) June 13, 2018
Read the rest of the article here.
