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Work hours per week at minimum wage needed to afford a 2-Bedroom apartment
This indicator shows the amount of hours at minimum wage a household must work in a week in order to afford a rental unit with 2 bedrooms at the area €™s Fair Market Rent (FMR), based on the generally accepted affordability standard of paying no more than 30% of income for housing costs. From these calculations the hourly wage a worker must earn to afford the FMR for a two-bedroom home is derived. This figure is the Housing Wage. Today more than 38 million households rent their homes, 1.9 million more than in 2007. The current rate of homeownership (66.5%) is now at the lowest level since 1998. And with the foreclosure crisis and recession on the one hand and the aging of the baby boom and the coming of age of the echo boom on the other, the demand for rental housing is only projected to grow.
Measurement Period: 2006-2010
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