Hourly wage needed to afford a 2 bedroom apartment in all 50 states.

7 Replies

@James Wise

  you can why the hipsters are in love with ORegon... sandwiched between the high dollar CA and WA markets.  Although I am sure like all states the numbers skewed as there is much of rural Oregon that has been in recession depression since the spotted owl came on the scene and timber jobs left..

You can get a 2 bedroom apartment here in Milwaukee for around $600/month, for a cheap one.  (And up depending on amenities, etc.)

So based on that and using 3x rent as gross income you're only looking at needing a $10.39/hour job. That's barely above minimum wage.

@James Wise

I know in LA they raised the min wage to $15. I translate that to a couple or roomies paying min 2k a month soon for 2bd but really that will be a 1 bed in many areas. That also puts a couple qualifying for around 350k for a bottom barrel purchase. These will be the starting prices very soon. Most areas are way above that as is now. 

Originally posted by @Dawn Anastasi :

You can get a 2 bedroom apartment here in Milwaukee for around $600/month, for a cheap one.  (And up depending on amenities, etc.)

So based on that and using 3x rent as gross income you're only looking at needing a $10.39/hour job. That's barely above minimum wage.

We are about the same here in Cleveland.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

No need to worry. According to the article, we won't run out of tenants any time soon (but I can't promise they will be good ones:))

John Thedford, Real Estate Agent in FL (#BK3098153)
239-200-5600

The hourly wage numbers quoted in this article for Connecticut are not accurate for the entire state.  Not even close.  

In Fairfield County maybe you need $24.58 an hour to rent a 2 bedroom, but not where  we primarily do business.

Michael Noto, Real Estate Agent in CT (#RES.0799665)
860-384-7570

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