A resident of the DC metro area needs a salary of at least $47,640 in order to afford the market rent for a one-bedroom, reported WAMU on Thursday. To rent a two-bedroom, one would need an annual salary of $56,480.
Using recently released data from the Center for Housing Policy, WAMU took a look at the median salaries in the area of a few professions, and weighed them against the salaries necessary to rent in the metro. For example, the average firefighter in the DC metro makes about $45,765 per year, not enough for a one-bedroom, while the average police officer makes $54,755 per year.
“One of the most overlooked aspects of this recovery is that for many workers, incomes are not rebounding in step with local housing markets,” explained CHP Senior Research Associate Maya Brennan, co-author of the report. “Even in a strong sector like travel and tourism, wages have not kept pace with the rising costs of renting or homeownership.”
For the full report, check out WAMU.
See other articles related to: affordability
This article originally published at http://dc.urbanturf.com/articles/blog/what_salary_do_you_need_to_afford_a_one-bedroom_in_dc_47640/7470
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