Why It’s A Terrible Time To Be A Low-Income Renter

Source: Alexander Eichler / The Huffington Post

Everyone knows the economy has been rough on homeowners lately. But for people who rent — especially for people who rent and don’t make very much money — things may be even worse. For Americans of modest income, it’s “incredibly difficult” to afford rental housing right now, according to Megan Bolton, a senior research analyst at the National Low Income Housing Coalition.

That’s because more and more people are entering the rental market — driven out of their homes by foreclosure, or just shying away from buying a house until prices improve. And rents are climbing higher as a result.

The average renter makes just $14.15 an hour, according to a report released Tuesday by the NLIHC. With real estate prices the way they are, though, you’d need to earn at least $18.25 an hour to be able to rent a typical two-bedroom apartment and still have cash left over for other expenses.

So, $4.10 an hour — that’s what stands between many renters and an affordable place to live.

To read this article in its entirety visit The Huffington Post.