Finding a new apartment to rent can be a slog. And with over half of US renters already paying more than 30% of their income — the standard threshold — it is clear there’s an affordability crisis.
Where I live, that’s only possible for the old and/or the privileged.
The median household income here would just barely meet the 30% threshold…and that’s household income, which could be 2, 3, 4 or more adults.
It would take 3 people making minimum wage to be able to afford to rent an apartment by that metric. Though they might be able to get a 3-bedroom. Not that a studio is much cheaper. And they’d be in trouble if they ever have to take any sick days off.
In fact, it takes 3 people making minimum wage to be able to afford a studio apartment here too. 2 wouldn’t be able to cut it (again, using the 30% of pre-tax income metric).
We have rent controls in place, so there are probably still people who are paying just 3 digits per month of rent (CAD). But if you want rent under $1000/mo (about what one person making minimum wage and using 30% of pre-tax income would make), you’d be looking at a single bedroom in a shared home. And you’d still have to do some searching.
It’s not normal, the number was always 20% and that was paying too much.
They are changing the rules like the pigs in animal farm
Where I live, that’s only possible for the old and/or the privileged.
The median household income here would just barely meet the 30% threshold…and that’s household income, which could be 2, 3, 4 or more adults.
It would take 3 people making minimum wage to be able to afford to rent an apartment by that metric. Though they might be able to get a 3-bedroom. Not that a studio is much cheaper. And they’d be in trouble if they ever have to take any sick days off.
In fact, it takes 3 people making minimum wage to be able to afford a studio apartment here too. 2 wouldn’t be able to cut it (again, using the 30% of pre-tax income metric).
We have rent controls in place, so there are probably still people who are paying just 3 digits per month of rent (CAD). But if you want rent under $1000/mo (about what one person making minimum wage and using 30% of pre-tax income would make), you’d be looking at a single bedroom in a shared home. And you’d still have to do some searching.