How Much Do You Need to Earn to Afford an Apartment in Each State?

Couple moving
Yuriy Maksymiv / Shutterstock.com

Finding a new apartment can be exciting — checking out the amenities, exploring a new neighborhood, setting up your furniture in a new place. But affording the rent is a serious issue for many. Housing is defined as “affordable” by the U.S. Department of Housing and Urban Development if it costs no more than 30 percent of your monthly income — thus leaving enough for other essentials.

Workers earning the federal minimum wage, even working 40 hours a week, won’t make enough money to affordably rent a modest two-bedroom apartment in any state, according to the 2018 Out of Reach report, published by the National Low Income Housing Coalition, a housing advocacy group. The report draws on data from U.S. counties. One-bedroom apartments, too, are unaffordable for most people working full time and earning the federal minimum wage.

Where does your state stand? Here is the coalition’s ranking of the 50 states and the District of Columbia for apartment affordability, from the most-affordable state to the least.

Popular Articles

Over 50? The CDC Says You Need These 4 Vaccines
Over 50? The CDC Says You Need These 4 Vaccines

Fall is the time to schedule vaccines that can keep you healthy — and even save your life.

5 Secrets to Keeping Your Brain Sharp as You Age
5 Secrets to Keeping Your Brain Sharp as You Age

Forget young at heart — science says these tricks will keep you young in mind.

12 Ways Retirees Can Make Money Without Un-Retiring
12 Ways Retirees Can Make Money Without Un-Retiring

These simple ways of earning largely “passive” income can stretch your retirement dollars, cover unexpected expenses or just help you afford a few extras.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Trending Stories

Comments