Thursday, October 17, 2019 A new report from the National Low Income Housing Coalition (NLIHC) reveals that the national housing wage is $22.96 for a modest two-bedroom rental home. This means that a full-time worker must earn at least $22.96 an hour to afford the rent and utilities on a two-bedroom rental home in the United States. The report, Out of Reach: The High Cost of Housing, also found that the national “housing wage” is more than three times the federal minimum wage of $7.25 an hour. In fact, it is higher than the average hourly wage of a full-time worker, which is $19.33. The report found that the average hourly wage needed to afford a two-bedroom rental home is highest in Hawaii ($36.13), Washington D.C. ($35.22), California ($33.58), Maryland ($31.77), and New York ($30.92). The report also found that the gap between wages and rent is widening in many parts of the United States. In nine states, the gap has widened by more than 15 percent since 2014. The report also found that for the majority
President Joe Biden’s student loan debt forgiveness program has approved more than 16 million people as the legal battles wage on. Even with the program on hold for now, it still has the potential to start closing the racial wealth gap.