National Low Income Housing Coalition: Out of Reach Housing Wage Gap
Out of Reach documents the significant gap between renters’ wages and the cost of rental housing across the United States. The report’s central statistic, the Housing Wage, is an estimate of the hourly wage a full-time worker must earn to afford a modest rental home at HUD’s fair market rent (FMR) without spending more than 30% of his or her income on housing costs, the accepted standard of affordability. The FMR is an estimate of what a family moving today can expect to pay for a modestly priced rental home in a given area.
View the full report here.
View the Washington section here.
A Housing Wage is the wage needed to afford the average 2 bedroom rental. In Skagit County the housing wage is $23.56/ hour or $49,000 per year.
The average Skagit renter earns $16.23 or $33,760 per year, which means there is a $7.33 gap between the “housing wage” and “renter wage” in Skagit County.