National Low Income Housing Coalition
Can a minimum wage worker afford a two-bedroom unit at fair market value, working a standard 40-hour work week? According to the National Low Income Housing Coalition the answer is NO.
The National Low Income Housing Coalition recent report "Out of Reach 2012" indicates that no workers in in the United States can afford a two-bedroom apartment while working 40 hours a week on minimum wage. With so much talk on unemployment, it's hard to fathom having a job and still not being able to make ends meet.
In the state of South Carolina (ranked 33rd on the list) a worker making minimum wage would have to work 74 hours at minimum wage to pay for rent. With only 168 hours in a week that leaves you with 94 hours to sleep and be with your family. An alternative to working a 74 hour work week is to have a job that pays $13.43 an hour. The average wage in South Carolina is $12.43(May 2005).
The highest state on the list is Hawaii. In that state it would take 175 hours of work to afford the cost of living. The NLIHC report shows that Puerto Rico ranks lowest on the scale for hours needed to afford dwelling at 55 hours. The report by the NLIHC calculates the numbers based off of 30% of incoming going to paying housing cost.
For more information about the report check it out below or hop on over to the National Low Income Housing Coalition website.