The Costs Of Being BOSS In America

Dated: September 29 2016

Views: 89

The costs of housing across the country haven't aligned with the income earning opportunities in a long time...probably never; making the task of finding an affordable residence a real struggle, even for many full-time workers.

A report titled “Out of Reach,” from the National Low Income Housing Coalition, highlights the mismatch between wages and housing costs at the state, county and city levels. The results are disappointing. In NO state within our country can someone who earns federal minimum wage afford the typical two-bedroom apartment.

The NLIHC's report determined how much a person working full-time would need to make to comfortably afford fair market rent. This is called the housing wage, or the hourly wage needed so only 30 percent of a person’s income goes towards rent. Households spending more are consideredcost-burdened— and the extra expense means they in turn cut spending on other valuable life investments such as food, health care and savings. Around here they call that "house poor." (http://nlihc.org/oor)

Currently, the national housing wage for a two-bedroom apartment is $20.30 hourly (or $42,240 annually) . That means someone earning the federal minimum wage of $7.25 would have to work 112 hours a week just to afford the typical rent!...not typical or realistic for the majority of us. “If this worker slept for eight hours per night, he or she would have no remaining time during the week for anything other than working and sleeping,” the report notes. #teamnosleep

So with mortgage rates still reasonably low, seems homeownership may be the way to go! At least with ownership you can use your income to earn EQUITY...Start your journey HERE!!!


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Andrea Washington

In addition to being a licensed real estate salesperson in MD and DC, Andrea is a Credit Repair Agent, certified Notary Signing Agent (underwriter appointed) and Investor. +Get connected to resour....

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