(The Center Square) – A new report from the National Low Income Housing Coalition, or NLIHC, finds most workers in Washington are spending so much on rent, they are priced out of saving for an eventual down payment on a home of their own.
The report found Washington has the fifth highest rental costs compared to wages in the nation.
A renter needs to earn more than $40 an hour to afford a two-bedroom home or apartment for rent, but the average renter in Washington makes just under $29 an hour.
A person making minimum wage would have to work 99 hours a week to afford that rental property, according to the NLIHC report, and pay other bills like food and transportation.
The state’s average fair market rent for a two-bedroom apartment is $2,097, according to the U.S. Department of Housing and Urban Development.
It’s even more in King County: $2,645.
According to NLIHC, a growing number of renters are spending more than half of their income on housing, which often means forgoing some necessities like healthy food and medical care.