ONE CRISIS AWAY
Families who pay more than 30 percent of their income for housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care. An estimated 12 million renter and homeowner households now pay more than 50 percent of their annual incomes for housing. A family with one full-time worker earning the minimum wage cannot afford the local fair-market rent for a two-bedroom apartment anywhere in the United States.
MAPPING AMERICA’S RENTAL HOUSING CRISIS (By County)
- How Much do you Need to Earn to Afford a Modest Apartment in Texas? Denton County?
Out of Reach 2016, a report from the National Low Income Housing Coalition (NLIHC) reports that Texas is one of 21 states that use the federal minimum wage of $7.25 an hour and that in 2016, the average housing wage for a two-bedroom apartment at Texas’ average Fair Market Rent (FMR) is $17.60. At more than $10 above the minimum wage this means that the average Texas household needs 2.4 minimum wage earners, or 97 hours of minimum wage work per week, in order to keep up with rent. This is challenging for a two-parent household and extraordinarily difficult for single parents, people with disabilities, elderly people, and many others.
- The Gap: A Shortage of Affordable Homes
The Gap, highlights the critical housing needs of the nation’s lowest income households. More than 11.4 million extremely low income renter households in the U.S, whose income is no greater than 30% of their area median income (AMI) or the poverty guideline, face a shortage of 7.4 million affordable and available rental homes. Nationally, only 35 affordable homes are available for every 100 ELI renter households. A shortage exists in every state and major metropolitan area. (In Texas in 2014 this was as low as 16 per 100.)