MICHIGAN, (WPBN/WGTU) -- In order to afford a two-bedroom apartment at fair market value, without spending more than 30% of their income on housing, Michigan residents need to earn at least $21.65 per hour.
This is according to a recent report from the National Low Income Housing Coalition.
A Michigan worker who earns minimum wage, which is currently $10.10 per hour, would have to work at least 68 hours a week in order to "afford a modest 1 bedroom rental home at Fair Market Value," the coalition concluded.
The hourly wage for the average renter in Michigan is $19.11, according to the coalition.
28% of households in the state are rented.
The coalition's full report "Out of Reach: The High Cost of Housing," which includes data from across the U.S., can be read here.
"The 2023 national Housing Wage is $28.58 per hour for a modest two-bedroom rental home and $23.67 for a modest one-bedroom rental home," the coalition stated in their report.
"As the report shows, the Housing Wage is far higher than federal or state minimum wages, and higher than median wages for workers in some of the country’s most common occupations, like home health and personal care aides, food service workers, and administrative assistants," the coalition stated.
"Indeed, nearly 50% of workers earn an hourly wage that is less than the one-bedroom Housing Wage," the coalition stated.
Fair market rents are estimates determined by the U.S. Department of Housing and Urban Development.
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