Interest rates have been very low over the last year - but will they go…
Housing prices across The United States are unquestionably making it difficult to become a homeowner, as well as a lessee. This is merely due to the fact that wages are not increasing as fast as housing prices. According to experts, this growth rate will not be merciful throughout 2018.
The article below showcases a map of the United States that displays how much one’s hourly wage needs to be in order to afford a 2-bedroom rental home, per state. According to this map, the 3 highest hourly incomes needed are Hawaii, Washington D.C., and California; highest to lowest respectively. As reported by the NCSL for 2018, Washington D.C. offers the highest minimum wage at $12.50.
The report estimates that the average American worker, at minimum wage, must work 117 hour weeks in order to afford a 2 bedroom apartment or rental. This is, without a doubt, the source of struggles for many low income renters and homeowners.