Thursday, December 22, 2005

Class War? I gotchur Class War right here:

The National Low Income Housing Coalition's annual report on housing prices found that "there is no place in the country where a full-time worker earning minimum wage can afford to rent even a one-bedroom apartment at fair market rent," reported the Sacramento Bee. The report describes "fair market rent" as the cost to pay rent and utilities for a modest rental unit. For the nation's markets, the report also calculates the housing wage, the hourly salary a full-time worker needs to make to avoid spending more than 30 percent of income on rent for a two-bedroom unit. According to the authors, the national housing wage is $15.78 per hour, more than three times the federal minimum wage of $5.15 an hour. California's Marin, San Francisco, and San Mateo counties are the three least affordable counties in the nation, the authors said. In those counties, a worker would need to earn $29.54 an hour to rent a modest two-bedroom apartment. To view the interactive report at NLIHC's Web site, click here.

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