Thursday, December 29, 2005

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.

18 Comments:

At 8:37 AM, Anonymous Jen said...

I knew there was quite a gap, but I didn't realize it was that large. I'm buying a house right now, so I know all about the lack of affordable homes. I'm married and both my husband and I are young (okay, right around 30), educated professionals and should be able to afford a home at the median house price. But with the median house price at $255k (I haven't checked in a few weeks), there is no way that would happen. Thankfully, we found a house under that amount, but it will still be a stretch for us. We're joking that we won't be able to afford food (other than typical college food---Ramen noodles and soup) now, so we'll have to loose weight.

 
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Sorry, make that lose weight.

 
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