(The Center Square) – The ideal hourly wage needed to rent a two-bedroom apartment in Georgia is $19.42 an hour, according to a new report.
The 2021 Out of Reach report, published Tuesday by the National Low Income Housing Coalition, shows how much a full-time worker in each state would need to earn to rent a two-bedroom apartment without spending more than 30% of their income.
The Fair Market Rent for a two-bedroom apartment in Georgia is $1,010 a month, ranking 25th in the nation.
Analysts estimated for Georgians to afford rent and utilities at 30% of their income, they must earn $3,366 a month or $40,398 a year.
About 37% of workers in the state rent their homes, the report showed. The average renter, however, made $18 an hour. Georgians who earn minimum wage – $7.25 an hour – have to work 107 hours a week to afford a two-bedroom apartment in the state.
The most affordable renting market in Georgia is the Pulaski County metro area, according to the report. The Fair Market Rent for a two-bedroom apartment in the region was $648 a month, which means workers in the area must make $12.46 an hour to afford rent comfortably.
The most expensive metro area is Atlanta-Sandy Springs-Roswell. Renters there must make $22.79 an hour to afford the Fair Market Rent of $1,185 per month.
The Fair Market Rent for a one-bedroom apartment in Georgia is $840, meaning renters need to earn $34,864, or $16.76 an hour, to afford the space. Minimum-wage workers must work 92 hours a week to make the mark.
Most of Georgia’s workforce, or 124,150 people, are employed in the retail industry, the report showed. They made a median salary of $11.74 an hour. Laborers, material movers and workers in the freight industry make up the second-largest workforce and earn $14.45 an hour. The report showed that 123,620 Georgians work in the industry.
The National Low Income Housing Coalition is a Washington-based nonprofit dedicated to finding affordable for housing low-income Americans.