You’ll need to work 102 hours a week ...The gap between the income needed to afford decent housing and the earnings available to many households is illustrated by Out of Reach, a new report from the National Low Income Housing Coalition.
In Florida, a minimum-wage earner must work 102 hours per week to afford the $816 Fair Market Rent for a two-bedroom apartment. (The Fair Market Rent is HUD’s best estimate of what a household seeking a modest rental unit can expect to pay for rent and utilities in the current local economy.) Looked at another way, for a 40-hour week, a worker must earn $15.68 per hour to afford that apartment.
In Orlando, a worker needs to put in 98 hours a week at minimum wage -- or earn $15.04 an hour -- to afford the $782 Fair Market Rent. And just try to find a two-bedroom apartment in Orlando for $782! In Monday’s paper, there were ads for 26 two-bedroom apartments; only three rented for less than $782 (not including utilities) while 16 cost $1,000 or more.
The least affordable housing in Florida is (no surprise here) Miami, where a minimum wage earner must work 121 hours a week to afford Fair Market Rent for a two-bedroom apartment. Other communities above the state average are: Naples, 108 hours; Tampa-St. Petersburg, 105 hours; and Sarasota, 103 hours.
Check out the stats for your community here.