So… one approach you could take would be to say anyone working a full time job should be able to afford a one bedroom apartment. You know, New Deal kind of ethos for the modern era.
Not just afford a one bedroom apartment. They should be able to do so and also afford to go to work. You can get housing for next to nothing in bumfuck nowhere, but if you can’t get to work while living there, then there’s no point.
True, but afaik, basically every place in the US has a functionally, if not outright legally mandated 3 to 1 income to rent ratio.
Occasionally some smaller or more charitable landlords may waive this, or there may be different rules for some specific affordable/elderly/disabled communities, but for the overwhelming number of places, 1 to 3 is either legally required or enforced via industry standard.
So… one approach you could take would be to say anyone working a full time job should be able to afford a one bedroom apartment. You know, New Deal kind of ethos for the modern era.
https://www.zillow.com/rental-manager/market-trends/united-states/?bedrooms=1
Ok, avg one bed rent ~= $1600 a month.
$1600 * 3 = $4800 (1/3 rent to income ratio)
$4800 / (40 hrs x 4 weeks) = $30 dollars an hour.
So yeah its actually worse than ‘We’ve been arguing about $15 for so long its more like $25’.
Nope. Its $30 an hour. $62,400 a year.
Sure would be cool if we did literally anything to _actually_make housing more affordable.
(BTW 60% of working individual Americans make less than this)
https://dqydj.com/income-percentile-calculator/
Not just afford a one bedroom apartment. They should be able to do so and also afford to go to work. You can get housing for next to nothing in bumfuck nowhere, but if you can’t get to work while living there, then there’s no point.
1/3 of your income for rent is higher than financial experts advise. You should try to keep it under 25%
True, but afaik, basically every place in the US has a functionally, if not outright legally mandated 3 to 1 income to rent ratio.
Occasionally some smaller or more charitable landlords may waive this, or there may be different rules for some specific affordable/elderly/disabled communities, but for the overwhelming number of places, 1 to 3 is either legally required or enforced via industry standard.