So, how much do you have to make to purchase a home? Of course, that all depends on where you live. In 11 of the 27 largest metropolitan areas, you have to make more than the US median income of $52,250 to afford a home. Check out the required income HERE.
Can’t afford to own? Wages determine what you can rent as well. Did you know that there is not one state in the US where a full time worker making the federal minimum wage can afford a 2 bedroom apartment at Fair Market Rent? Even in the most affordable states, West Virginia and Arkansas, a minimum wage worker has to work 63 hours a week to afford a 2 bedroom apartment. Check out Bill Moyer’s Report from 2012. And you know rents have gone up since then, so it has only gotten worse!