NORTH TEXAS - You've heard the phrase, “it's a buyer’s market," right? But what if you're not ready to take that leap? Well, for the rest of us it's all about that rent. So, how much do you have to bank in order to afford a nice pad when rent is on the rise?
According to the National Low-Income Coalition, if you're looking to live in a two-bedroom apartment in Texas, you have to make at least $16.61 an hour to afford it.
Ouch. That's bad news to all those living on a minimum wage budget. In no state can a minimum wage worker afford a one-bedroom apartment without working more than 40 hours a week.
The most expensive state to rent is Hawaii with an average hourly rate of $31.61.
And the cheapest? Pack your bags. You'll have to head to Puerto Rico. The rent might be cheap enough to afford at $10.53 an hour, but you'll have to deal with the mosquitoes.
All joking aside, this new study is raising eyebrows begging the question -- are we paying too much for our humble abodes? And what are we giving up in order to have a roof over our heads?
Or maybe it's all about perspective. In Hong Kong, a micro flat with only 180-square feet recently sold for $516,000. Wow.
It looks like no matter where you live, it's gonna cost you some big bucks.