Realtor.com's Judy Dutton breaks down a recent National Low Income Housing Coalition report, which determined that—in some states—a federal minimum-wage worker (earning $7.25 per hour) would need to put in a national average of 86 hours per week to afford a one-bedroom apartment at the 2015 fair market rent of $806 per month..
For the purposes of this report, “affordable” housing was defined by the federal standard, which means it should cost no more than 30% of your gross income. With skyrocketing rents in major urban areas, plenty of renters are spending 50% or more of their income on rent... If this isn’t a call to arms to raise the minimum wage, we don’t know what is. Still, though, in order to make housing truly affordable, the NLIHC estimated that it would have to be hiked way up—to $15.50 per hour.