July 23, 2013
(courtesy image/used under Creative Commons license)Finance guidelines say housing should not cost more than 30 percent of household income. But in 2013, thousands of Michigan rental households fall below that standard.
Michigan
Two-bedroom fair market rental: $768
Hourly wages needed to afford two-bedroom fair market rental: $14.77
Mean renter hourly wage: $11.62
Rent affordable at mean wage: $604
Full-time jobs needed at mean renter wage to afford fair market apartment: 1.3
Ann Arbor metropolitan area
(Bridge archive photo)Two-bedroom fair market rental: $901
Hourly wage needed to afford two-bedroom fair market rental: $17.33
Mean renter hourly wage: $12.35
Rent affordable at mean wage: $642
Full-time jobs at mean renter wage to afford fair market apartment: 1.4
Detroit-Warren metropolitan area
Two-bedroom fair market rental: $821
Hourly wage needed to afford two-bedroom fair market apartment: $15.79
Mean renter hourly wage: $13.63
Rent affordable at mean wage: $709
Full-time jobs needed at mean renter wage to afford fair market apartment: 1.2
(Bridge archive photo)Grand Rapids-Wyoming metropolitan area
Two-bedroom fair market rental: $739
Hourly wage needed to afford two-bedroom fair market rental: $14.21
Mean renter hourly wage: $10.76
Rent affordable at mean wage: $559
Full-time jobs needed at mean renter wage to afford fair market apartment: 1.3
Lansing-East Lansing metropolitan area
Two-bedroom fair market rental: $797
Hourly waged needed to afford two-bedroom fair market rental: $15.33
Mean renter hourly wage: $10.15
Rent affordable at mean wage: $528
Full-time jobs at mean renter wage to afford fair market apartment: 1.5
(Bridge archive photo)Flint metropolitan area
Two-bedroom fair market rental $711
Hourly wage needed to afford two-bedroom fair market rental: $13.67
Mean renter hourly wage: $9.80
Rent affordable at mean wage: $510
Full-time jobs needed at mean renter wage to affair fair market apartment: 1.4
Saginaw metropolitan area
Two-bedroom fair market rental: $665
Hourly wage needed to afford two-bedroom fair market rental: $12.79
Mean renter hourly wage: $8.85
Rent affordable at mean wage: $460
Full-time jobs at mean renter wage to afford fair market apartment: 1.4
Source: National Low Income Housing Coalition
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