Today, VHC released its Out of Reach 2014 report for Virginia jointly with the National Low Income Housing Coalition. NLIHC’s annual report provides the Housing Wage and other housing affordability data for every state, metropolitan area, combined non metropolitan area, and county in the country. The Housing Wage, is the hourly wage a family must earn, working 40 hours a week, 52 weeks a year, to be able to afford the rent and utilities for a safe and modest home in the private housing market.
Here are some highlights from this year’s report:
- Renters in Virginia need to earn $20.93 per hour in order to afford a basic apartment. The typical renter in Virginia earns $15.97 per hour, which is $4.96 less than the hourly wage needed to afford a modest unit (housing wage).
- The Housing Wage in Virginia is over two dollars more than the National Housing Wage of $18.92.
- Virginia has the highest Housing Wage among all of the states in the Southeast (see image at right) and is the 10th least affordable state in the nation.
- Working at the minimum wage in Virginia, a family must have 2.9 wage earners working full-time, or one full-time earner working 115 hours per week to afford a modest two-bedroom apartment.
Click here to view the full report that includes maps showing how the housing wage, varies across the state, percent of renters that can afford a modest unit in different localities and the number of hours a worker would need to work at minimum wage to afford a modest unit among other affordability metrics.
Click here for the 2014 affordability data from NLIHC for each metropolitan area and county in the state.