Report: D.C., Md. and Va. Rents Among Country’s Most Expensive
LANHAM, Md. (CBSDC) — D.C., Maryland and Virginia have some of the most expensive apartment rental rates in the country, according to a top-10 list released by the National Low Income Housing Coalition this month.
Every year, the coalition publishes the “Out of Reach” report, which determines the wage one must earn in each state in order to afford a two-bedroom apartment listed at Fair Market Rent. The report defines affording a dwelling as not spending more than 30 percent of income on rent.
To “afford” a two-bedroom apartment, D.C. renters would have to make $27.15 per hour. Renters in Maryland and Virginia would have to bring in $24.47 and $20.72 per hour, respectively.
That means that minimum wage earners in D.C., Maryland and Virginia would have to work between 114 and 135 hours per week to afford a two-bedroom unit.
Also found in the top 10 most expensive list are Hawaii (#1), California (#3), New York (#4), New Jersey (#5), Massachusetts (#7), Connecticut (#8) and Alaska (#9).
Read the full report here.
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