As the cost of living continues to rise in the United States, many individuals are left wondering how much they need to earn to afford to live in the country’s largest cities. With housing prices, transportation costs, and other expenses on the rise, it’s becoming increasingly important for individuals to understand what hourly wage they need to make ends meet.
According to a recent study by the National Low Income Housing Coalition, the hourly wage needed to afford a two-bedroom rental home in the largest U.S. cities ranges from $17.90 to $39.03. This figure is based on the “housing wage,” which is the hourly rate a full-time worker must earn to afford a modest rental home without spending more than 30% of their income on housing costs.
In cities like New York City and San Francisco, where housing prices are notoriously high, the hourly wage needed to afford a two-bedroom rental home is $32.90 and $39.03, respectively. In more affordable cities like Houston and Phoenix, the hourly wage needed is $17.90 and $19.73, respectively.
These figures highlight the stark disparities in the cost of living across the country. For many individuals, especially those working in low-wage jobs, earning enough to afford basic necessities like housing, transportation, and healthcare can be a constant struggle.
The COVID-19 pandemic has only exacerbated these challenges, with many individuals facing job losses, reduced hours, and financial insecurity. As the country begins to recover from the economic impacts of the pandemic, it’s crucial for policymakers to address the growing income inequality and ensure that all individuals have access to affordable housing and a livable wage.
In the meantime, individuals can take steps to navigate the high cost of living in the largest U.S. cities. This may include budgeting, seeking out affordable housing options, and exploring opportunities for higher-paying jobs or additional sources of income.
Ultimately, understanding the hourly wage needed to afford basic necessities in the largest U.S. cities is an important step towards financial stability and security. By staying informed and advocating for policies that support economic equity, individuals can work towards a more just and equitable society for all.