Out of Reach 2017 Hawaii
From National Low Income Housing Coalition, June, 2017
Out of Reach documents the gap between renters’ wages and the cost of rental housing. The report’s Housing Wage is the hourly wage a full-time worker must earn to afford a modest rental home without spending more than 30% of his or her income on housing costs. It is based on HUD’s Fair Market Rent (FMR), which is an estimate of what a family moving today can expect to pay for a modest rental home in the area.
LINK: How Much do you Need to Earn to Afford a Modest Apartment in Your State?
In Hawaii, the Fair Market Rent (FMR) for a two-bedroom apartment is $1,830. In order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $6,101 monthly or $73,217 annually. Assuming a 40-hour work week, 52 weeks per year, this level of income translates into an hourly Housing Wage of: $35.20/hr.
LINK: Out of Reach 2017: Hawaii
HNN: Report: Every zip code on Oahu is pricing out the average renter
HNN: Based on hourly wages, these are the neighborhoods you can afford to live in
June 8, 2017: Honolulu’s median rent for a one-bedroom unit was $1,590. The median rent for a two-bedroom was $2,110
|