LAS VEGAS, Nev. (FOX5) – As rents continue to skyrocket across the country, a new report looked at how much a person needs to make in each state and areas in order to afford rent on a two-bedroom apartment.
Published by the Low Income Housing Coalition, the report, dubbed “Out of Reach,” states that the average monthly fair market rents for a one-bedroom or two-bedroom rental are $1,105 and $1,342, respectively.
According to the report, Nevada came in at 17th in a ranking of the highest and lowest two-bedroom housing wage, with an individual in the Silver State needing to make $23.70 per hour to comfortably afford rent.
The report also indicates that with a fair market rent of $1,232 for a two-bedroom apartment, in order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $4,108 monthly or$49,294 annually.
More specifically, the report says those living in Southern Nevada need to make $23.38 per hour while people in Reno need to make $26.81 in order to afford a two-bedroom rental. If someone is making minimum wage ($10.50 in Nevada), they would need to have 2.2 full-time jobs in Southern Nevada in order to afford the rent. In Reno, they would need 2.6 full-time jobs.
For Nevada, the annual income needed to afford is broken down below:
Zero-Bedroom $34,043
One-Bedroom $40,296
Two-Bedroom $49,294
Three-Bedroom $69,860
Four-Bedroom $83,876
Likewise, the work hours per week at minimum wage is as follows:
Two-Bedroom $49,294
Three-Bedroom $69,860
Four-Bedroom $83,876
Likewise, the work hours per week at minimum wage is as follows:
Four-Bedroom 154
Coming in at number 1 on the list, the report found Hawaii to be the most expensive with an hourly wage of $40.63 needed to afford a two-bedroom rental.
To view the full report, visit: https://nlihc.org/oor
*Story originally appeared on Fox 5 Vegas
