OKLAHOMA CITY – A recent study is showing us the hourly wage needed to rent a two-bedroom apartment in every state in the U.S.
Can you guess how much Oklahomans need to make to afford a two-bedroom apartment?
In Oklahoma, the Fair Market Rent for a two-bedroom apartment including utilities is $716, according to the National Low Income Housing Coalition’s annual housing report “Out of Reach.”
In order for someone to afford this level of rent and utilities without paying more than 30 percent of income on housing, a household must earn $2,387 monthly, or $28,639 annually.
Assuming a 40-hour work week, 52 weeks per year, this level of income translates to an hourly wage of $13.77.
According to the study, no one who is working full-time making minimum wage can afford a two-bedroom apartment at market rent.
In fact, a person making minimum wage would need to work 76 hours a week in order to afford a two-bedroom unit.
Keep in mind that number shows how much hourly employees would have to make in order to avoid spending more than 30 percent of their income on rent.
Financial experts say 30 percent is roughly the amount most Americans should spend on rent or mortgage payments so they don’t get over their heads.
NLIHC also created a map that shows how many hours per week a person would need to work to afford a one-bedroom apartment on minimum wage.
According to the study, a person making minimum wage would have to work 59 hours a week in order to afford a one-bedroom apartment.
The Fair Market Rent varies for different counties across the state.
The results were published in a study entitled “Out of Reach,” which focused on how affordable housing was not available for low-income renters.
— NLIHC (@NLIHC) May 19, 2015
— NLIHC (@NLIHC) May 20, 2015