A new report from Zillow reveals the harsh realities of renting in the United States.
To reasonably afford rent for an average two-bedroom, it would take the income of almost four full-time minimum wage workers. It's only plausible for renters in just 10 of the 50 largest U.S. cities to comfortably afford a two-bedroom rental with just two minimum wage incomes. In these 10 cities, minimum wage is at least $10 an hour.
"It takes 2.5 full-time workers on average spending 30% of their income to pay two-bedroom rent in cities with minimum wage set beyond the federal level," Zillow said in its report published earlier this week, adding that it's probably the only situation where rent in San Francisco is more affordable than San Antonio. "Renters have been squeezed by record-fast rent growth while incomes haven't kept up. That's true for those making minimum wage, but especially so where the minimum wage hasn't budged for more than a decade."
Zillow also broke down the 50 largest cities in the U.S. and how many jobs you'd need to afford a one- or two-bedroom rental based on how much minimum wage is and rent prices. Here's a look at the findings in New Mexico:
- Minimum wage: $12.00
- Average rent for one-bedroom: $932
- Full-time minimum wage jobs needed to comfortably afford one-bedroom: 1.6
- Average rent for two-bedroom: $1,133
- Full-time minimum wage jobs needed to comfortably afford two-bedroom: 2.0