From the National Low Income Housing Coalition, “Out of Reach 2010″:
In Greensboro-High Point HMFA [HUD Metro FMR Area], the Fair Market Rent (FMR) for a two-bedroom apartment is $703. In order to afford this level of rent and utilities, without paying more than 30% of income on housing, a household must earn $2,343 monthly or $28,120 annually. Assuming a 40-hour work week, 52 weeks per year, this level of income translates into a Housing Wage of $13.52.
In Greensboro-High Point HMFA, a minimum wage worker earns an hourly wage of $7.25. In order to afford the FMR for a two-bedroom apartment, a minimum wage earner must work 75 hours per week, 52 weeks per year. Or, a household must include 1.9 minimum wage earner(s) working 40 hours per week year-round in order to make the two bedroom FMR affordable.
In Greensboro-High Point HMFA, the estimated mean (average) wage for a renter is $12.29 an hour. In order to afford the FMR for a two-bedroom apartment at this wage, a renter must work 44 hours per week, 52 weeks per year. Or, working 40 hours per week year-round, a household must include 1.1 worker(s) earning the mean renter wage in order to make the two-bedroom FMR affordable.
Monthly Supplemental Security Income (SSI) payments for an individual are $674 in Greensboro-High Point HMFA. If SSI represents an individual’s sole source of income, $202 in monthly rent is affordable, while the FMR for a one-bedroom is $631.
A unit is considered affordable if it costs no more than 30% of the renter’s income.
» keep reading: Greensboro-High Point HMFA on NLIHC
