he face of America's cause of real concern when a
population is changing by large segment of the population
the day. With the onset of cannot even afford to rent one.
many lower-income jobs and the Are real estate costs getting out
flux of workers in the job force of control?
who are making the federal
minimum wage, the financial For an average two-bedroom rental
situation of the country's apartment in the United States,
population has been shifting. the average worker must earn,
Along with this shift comes the according to the government, in
inevitable shift in the country's the area of $15 an hour. With the
housing situation. With incomes minimum wage currently at about a
and housing rates in flux, third of that amount, the fact is
America's housing situation has that many families cannot afford
been steadily worsening and may to keep the roofs over their
very well reach a crisis point in heads, much less save money to
the near future. someday buy a home. The fact
remains that wage increases have
In many areas of the US, a recent simply not kept up with the
study finds, the average booming costs of real estate
minimum-wage worker cannot afford rentals and utility costs. While
the rent and utilities on an rent costs are climbing, utility
average apartment. This study costs are climbing faster still.
assumes that no more than 30% of And it's also worth noting that
a worker's income goes towards in areas where housing costs are
rent and utilities- the lower, wages are on average also
government considers a percentage lower, so there is not much
higher than that to be too much. benefit to be gained by
In a country where owning a home relocating. The minimum wage has
is a major status symbol, it is a not changed in the United States
since 1997, while the costs of depended on Section 8 can no
housing continue to rise. longer do so.
The US government has also fallen Not surprisingly, rent in rural
behind on their spending towards areas is the most affordable, and
Section 8 rental vouchers, which California is at the top of the
help low-income people pay their list when it comes to hourly
rent. More landlords than ever income needed to afford a typical
before, particularly in apartment. It's a difficult
metropolitan areas, accept situation for anyone who is
Section 8 vouchers; but since having trouble making their rent:
government spending towards these The option to move somewhere
vouchers has not kept up with cheaper, but make less money, is
demand, they are becoming more not much of an option.
and more difficult to get. As
housing costs increase, those who
About the Author:
Kirsten Hawkins is a real estate expert from Nashville, TN. Visit http://www.king-of-real-estate.com/ for more information on real estate, mortgages, and finding the house of your dream.
Source: www.isnare.com
