DENVER (CBS4) – Rent is anything but affordable in Colorado, especially if you earn minimum wage.
According to the study by the National Low Income Housing Coalition, Coloradans must earn $21.97 per hour for a typical 40 hour work week, or work 95 hours at minimum wage, “in order to afford a modest, two-bedroom rental home.”
That places Colorado twelfth nationally as the least affordable place for rent based on earnings, one of 17 states where people need to make more than $20 per hour.
“A renter earning the federal minimum wage of $7.25 per hour would need to work 117 hours per week to afford a two-bedroom rental home at the Fair Market Rent and 94.5 hours per week to afford a one-bedroom,” the report states. “In only 12 counties can a full-time worker earning the prevailing federal or state minimum wage afford a one-bedroom rental home.”
Hawaii ranks first nationally at $34.20, or 152 hours per week at the current minimum wage, in order to afford a place to rent.
The other ten states or districts ahead of Colorado are:
2. Washington, D.C.: $33.59 / 107 hours
3. California: $30.92 / 118 hours
4. Maryland: $28.27 / 122 hours
5. New York: $28.08 / 116 hours
6. Massachusetts: $27.39 / 100 hours
7. New Jersey: $27.31 / 129 hours
8. Connecticut: $24.72 / 98 hours
9. Alaska: $24.16 / 99 hours
10. Washington: $23.64 / 86 hours
11. Virginia: $23.29 / 128 hours