How Much Money You Need to Earn for a Modest Apartment in Oakland County
OAKLAND COUNTY — The typical household in Oakland County must earn $18.08 an hour to afford a modest, two-bedroom apartment at fair market rate, according to a new report by affordable housing advocates. In the report, "Out of Reach," released by the National Low Income Housing Coalition, Michigan is said to have the 28th highest "housing wage" in the country.
According to the recent study, fair market rent for a two-bedroom apartment in the state is $876. That means a typical household would have to earn $16.85 per hour — to pay rent and not spend more than 30 percent of their income on housing.
Here's the breakdown for Oakland County:
- Studio: $11.54 per hour
- One-bedroom: $13.98 per hour
- Two-bedroom: $18.08 per hour
- Three-bedroom: $23.81 per hour
- Four-bedroom: $25.71 per hour
The findings illustrate just how "far out of reach" even modestly priced housing is for the country's low-wage workers and most vulnerable populations, the study said.
The national housing wage is $22.10 for a modest two-bedroom apartment and $17.90 for a one-bedroom. That number ranges from as low as $13.84 in Arkansas all the way up to a whopping $36.13 in Hawaii.
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