Listen Now: The Cost of Housing
Want to save money on your housing? Consider another country.
You’ve heard horror stories from major cities such as San Francisco, New York and Chicago about sky high rents and astronomical asking prices for homes and apartments. But according to the national low income housing coalition the problem is much more widespread, like country-wide.
The report found it is virtually impossible for someone who makes minimum wage to afford a fairly priced two-bedroom apartment in any state in the country. Unless, of course, that person wants to work, a lot. According to the report a full-time worker earning the federal minimum wage of $7.25 would need to work 122 hours a week, every week, to afford a rental at the national average.
But if you don’t mind a little less room there are 22 counties across the country where a full time minimum wage worker can afford a one-bedroom apartment. All those counties are located in states with a minimum wage higher than the federal rate.
One solution? Find a roommate.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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