Too much affordable housing?
Post by Brenda Konkel on 12/18/2005 2:32pm
If you want to rent a 2 bedroom apartment in the City of Madison and only pay the HUD recommended 30% of your income towards rent, you would need to make $14.46 per hour, or have a roommate and you would each have to work full-time making at least $7.23. That is the finding based on the recent "Out of Reach" study by the National Low Income Housing Coalition.
It's a good thing our minimum wage is now $5.70, but that isn't enough. Look at the kind of wages we need to support an affordable place to live:
69 hours at minimum wage or 1.7 jobs
40 hours a week at $9.81 for an annual income of $20,400
Week of 12/11/2005 there were 18 units below $510
One Bedroom ($636)
86 hours at minimum wage or 2.1 jobs
40 hours a week at $12.23 for an annual income of $25,440
Week of 12/11/2005 there were 63 units below $636
Two bedroom ($752)
101 hours at minimum wage or 2.5 jobs
40 hours a week at $14.46 for an annual income of $30,080
Week of 12/11/2005 there were 96 units below $752
Three bedroom ($1,009)
136 hours at minimum wage or 3.4 jobs
40 hours a week at $19.40 for an annual income for $40,360
Week of 12/11/2005 there were 42 units available below $1009
43% of renters would be unable to afford that two bedroom apartment, because they are making only an average of $10.81.
The Capital Times wrote an [url=http://www.madison.com/archives/read.php?ref=tct:2005:12:13:537877:METRO"]article[/url] where Nancy Jensen, Executive Director of the Apartment Association of Southcentral Wisconsin says that there are "many" landlords renting below the average rents in the study.
Time for a gut check. Have you seen this plethora of affordable housing in our community? Or do we need more affordable housing?