Friday, Mar 23 2012 3:43PM
A report from the National Low Income Housing Coalition (NLIHC) says rent is unaffordable for many full-time workers across the country.
A report from the National Low Income Housing Coalition (NLIHC) says rent is unaffordable for many full-time workers across the country.
The "Out of Reach 2012: America's Forgotten Housing Crisis" report says a full-time worker must earn $18.25 per hour in order to afford rent and utilities on a modest two-bedroom rental unit without spending more than 30 percent of their monthly income. The average American earns well under the standard, on average, making $14.15 per hour.
Economic factors including unemployment in both rural and urban parts of the country and stricter lending standards are keeping many from becoming homeowners while the demand for affordable housing continues to put pressure on rental prices.
"The solution to this shortage of housing affordable to the average American renter is simple: we must increase the supply of affordable housing, particularly housing affordable to those in the greatest need," said Sheila Crowley, president and CEO of the NLIHC.
For further information, check out this source:
NLIHC