New Data Reveals Shocking Information About Renting in NY
On average how much time and money do you think it would take to be able to rent a two bedroom home here in the Empire State?
New information published by the National Low Income Housing Coalition suggests that not only is the price of housing rising across the country, the ability to afford rent on a minimum wage income is becoming increasingly more difficult.
According to the report, New York ranks as the fourth state with the highest housing wage.
New York residents would need to make an average of $30.03 an hour to afford a two bedroom rental home at the Fair Market Rate (FMR) of $1,561 a month. This means that you would have to work at least a 40 hour work week, 52 weeks per year to earn $5,204 a month or $62,454 annually.
However, based on the NY minimum wage of $10.40 an hour, a minimum wage worker would have to work 115 hours a week to afford a two bedroom rental home at FMR.
But when you take a look at Binghamton and Broome County the numbers are drastically different compared to the state average.
To afford a two bedroom rental home in Binghamton the average person would need to make $15.02 at 40 hours a week. The monthly FMR for a two bedroom is dramatically different in Binghamton compared to the state average with the cost at $781 versus $1,461, respectively.
Still, the yearly income needed to afford rent at that rate would still need to be $31,240 compared to the estimated renter median household income of Binghamtonians which is nearly $26,177 annually. That leaves a $5,063 gap meaning minimum wage workers would have to work 56 hours a week at the current minimum wage rate to make ends meet.
The report also found that the unemployment rate here in the Parlor City is currently at 11.1 percent with a poverty rate of 29.7 percent which also has an adverse effect on those looking and paying for housing.
In comparison to the rest of the US, Hawaii was listed as the most expensive state with $36.13/hour required to afford a 2-bedroom and Arkansas as the least expensive with $13.84/hour need for a 2-bedroom.
You can read the full report, here.