It’s true. Rents are too expensive all across the country for a full-time working person to make it on 40 hours a week. That’s what the National Low Income Housing Coalition discovered in its report, “Out of Reach 2012: America’s Forgotten Housing Crisis.”
The good news is, according to the report, Kentucky’s got some of the cheapest housing in the country.
While in Honolulu or San Francisco, someone has to earn well over $30/hour to afford a two-bedroom apartment and not pay more than 30 percent of their income. (That’s the optimal percentage. Any higher and you’re considered cost-burdened. In other words, it’s a lot harder to pay the other bills.) By comparison, in Kentucky, the wage needed drops to about $12/hour.
Still, take a look at this map:
According to HUD Secretary Shaun Donovan, unemployment, particularly in rural areas, is making renting unaffordable. On top of that, stagnant home ownership rates have driven up demand, and therefore the cost, for rental units.
The full report can be found here.