#OOR23 shows how difficult it is for renters to find affordable housing. Find out how much a renter must earn to afford a modest home at https://nlihc.org/oor
This site has these sorts of stats for each state.
It’s late, so I could be making dumb mistakes here, but I think the numbers are at least loosely factoring in those sort of expenses. It’s not 100 hours/week just to cover rent, it’s 100 hours/week to actually maybe afford that rent.
$7.25/hour x 40 hours/week x 4 weeks/month = $1160/month gross income
Assuming a maximum of 1/3 of gross income goes to housing, that’s $383/month available for rent. The site calculates $377/month as “affordable rent” for the minimum wage worker, so for the sake of the argument, I think my calculations are close enough.
So, that means for every hour worked, about $2.39 is going towards rent ($7.25x0.33).
$2.39/hour x 106 hours/week x 4 weeks/month = $1013, which is just over their “1-Bedroom Fair Market Rent” rate of $1002/month.
It’s late, so I could be making dumb mistakes here, but I think the numbers are at least loosely factoring in those sort of expenses. It’s not 100 hours/week just to cover rent, it’s 100 hours/week to actually maybe afford that rent.
$7.25/hour x 40 hours/week x 4 weeks/month = $1160/month gross income
Assuming a maximum of 1/3 of gross income goes to housing, that’s $383/month available for rent. The site calculates $377/month as “affordable rent” for the minimum wage worker, so for the sake of the argument, I think my calculations are close enough.
So, that means for every hour worked, about $2.39 is going towards rent ($7.25x0.33).
$2.39/hour x 106 hours/week x 4 weeks/month = $1013, which is just over their “1-Bedroom Fair Market Rent” rate of $1002/month.
Pretty sure they are using 56/12=4.667 weeks per month and 0.3 ratio instead of a third, that makes the numbers line up for me
Yeah, my numbers were definitely very round, but if we are trying to get more exact, aren’t there only 52 weeks per year, so 4.33 weeks per month?
Typo, 52 is what I meant. Good catch!