What's Hot: 11th Street Bridge Park on Track for Completion in 2024 | No Smoking, Please: Virginia May Make it Easier to Ban Smoking in Condo Units
How Much Do You Need to Make to Afford DC’s Rent?

Two new studies show just how difficult it is to afford the rent in DC, especially on a modest income.
Trulia looked at rental markets from the perspective of a recent graduate, comparing the median income for that group with the median rent in major cities. A more robust study from the National Low Income Housing Coalition (NLIHC) looked at how much a family would need to make to keep rental costs at 30 percent of income and afford rent and utilities at a unit renting at “Fair Market Rent,“ defined by the Department of Housing and Urban Development. Fair market rents refer to modest accommodations.
story continues below
loading...story continues above
Topping the list of unaffordability in both studies was San Francisco, where a graduate would need to make $137,272 a year to afford the median rent of $3,500 a month. A household would have to earn about $40 an hour to afford the fair market rent of $2,062 a month for a two-bedroom in San Francisco.
And there’s no state in the country where a person earning the state or federal minimum wage can afford a one-bedroom apartment, the NLIHC study found.
In both studies, DC ranked as one of the most unaffordable places to live. The Trulia study found the median wage for recent grads, $37,120, wasn’t nearly enough to afford the median rent of $1,975. To afford that grads would need to be making $77,461 a year.
And to afford a two-bedroom at fair market rent in DC — $1,458 a month for a two-bedroom — a household would need to be making $28.04/hour.
See other articles related to: trulia, rent affordability, minimum wage
This article originally published at http://dc.urbanturf.com/articles/blog/how_much_do_you_need_to_make_to_afford_dcs_rent/9909
Most Popular... This Week • Last 30 Days • Ever

UrbanTurf is re-running its primer on property taxes which outlines a few things that... read »

Today, UrbanTurf looks at where homes were selling in less than a week in January. ... read »

The 11th Street Bridge Park project is progressing through the approval process.... read »

Another 30-day public comment period is currently underway.... read »

Another Shaw church has development plans on the boards.... read »
- The 5 Things To Know About DC Property Taxes
- Six Days or Less: The DC Neighborhoods Where Homes Flew Off the Market in January
- 11th Street Bridge Park on Track for Completion in 2024
- DCRA Releases Revised Short-Term Rental Regulations For DC
- A Church-Led Residential Development on the Boards in Shaw
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro