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When the Cost of Living Outweighs Average Annual Income

Photo: iStock

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:

Read the rest of the article here.

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