Here’s how much you need to earn to afford a rental home in SC
GREENVILLE, S.C. (FOX Carolina) - An annual report recently released by the National Low Income Housing Coalition (NLIHC) breaks down the cost of housing in South Carolina - and how many hours someone making minimum wage would have to work to afford a modest rental home.
NLIHC releases its “Out of Reach” report each year to show the challenges low-wage workers are facing. The coalition said record-breaking rent increases have widened the gap between what people earn and the price of decent housing.
According to the 2022 Out of Reach report, a worker in South Carolina needs to earn $19.30 per hour to afford a two-bedroom rental home.
A worker making minimum wage, which is $7.25 in South Carolina, would need to work 91 hours per week to afford a modest one-bedroom rental home at the fair market rent, the report states.
Below is a breakdown of the annual income needed to afford rental homes of various sizes, according to the report:
- ZERO-BEDROOM - $33,011
- ONE-BEDROOM - $34,489
- TWO-BEDROOM - $40,147
- THREE-BEDROOM - $51,586
- FOUR-BEDROOM - $62,502
Read the full report for South Carolina:
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