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Studies Urge Affordable Rental Housing

PHILADELPHIA-Two studies urge more multifamily rental development and confirm that a minimum wage earner cannot afford market rent rates anywhere in Pennsylvania.

By Marita Thomas | Updated on December 26, 2006

(To read more on the multifamily market, click here.)

PHILADELPHIA-Market-rate rental housing throughout Pennsylvania is beyond the financial reach of a person earning the pending minimum wage of $7.15 an hour, according to a report jointly issued by the Housing Alliance of Pennsylvania and the Washington, DC-based National Low Income Housing Coalition. It coincides with a Pennsylvania voter survey, commissioned by the state housing alliance, which shows that concern about housing affordability ranks second only to concerns about affordable healthcare.

“Out of Reach 2006″ calculates a “housing wage,” based on fair market rents throughout the state and the generally accepted affordability standard of devoting 30% of income to housing costs. It says a housing wage of $14.57 an hour, 40 hours a week, 52 weeks a year is required to meet the rent and utilities on “a modest two-bedroom apartment in the [state's] private housing market.” The housing wage needed for “the average one-bedroom apartment” in the state is $12.12 an hour, according to the report.

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