Study: Idaho renters need to earn $15.44 an hour in order to afford 2 bedroom apartment
BOISE, Idaho (KBOI) —
A new report says the average renter in Idaho must make at least $15.44 an hour to afford a two-bedroom apartment in Idaho.
The National Low Income Housing Coalition's "Out of Reach" report highlights what renters must make a year to afford various apartments throughout the United States.
In Idaho, the report says the fair market rent for a two-bedroom unit is about $803 a month -- meaning a household must earn $2,677 monthly or a little over $32,000 a year.
Further crunching the numbers, the report says the income equates to $15.44 an hour.
If you earn the state's minimum wage of $7.25 an hour, you would need to work 85 hours a week to afford this two-bedroom apartment. If it's a one bedroom you're looking at, you'd need to work 66 hours a week. The report says the most expensive area in the state for housing wage is Blaine County ($19.54 an hour).
But it could be worse.
Our neighbors in Washington state need to earn at least $27 an hour to afford a two-bedroom unit.