NEW ORLEANS - Full-time workers in New Orleans need to earn $22.73 per hour to afford a modest 2BR apartment at fair market rent.
That's the Crescent City’s housing wage or amount a worker needs to earn per hour to afford a modest rental home without spending more than 30% of their income on housing, according to a new study.
Louisiana’s housing wage is $19.39, which is nearly two dollars more than in 2022.
The report reveals that working at the minimum wage of $7.25 in Louisiana, a wage earner must have 2.7 full-time jobs and work 107 hours per week to afford a modest 2BR apartment; and for a modest 1BR, a person must work 89 hours per week at 2.2 full-time jobs. In Orleans Parish, 52% of households are renters.
“Like homeowners, renters are seeing the impact of the failure to address Louisiana’s insurance crisis,” says Andreanecia Morris, president of HousingLOUISIANA. “It’s only going to get worse ..." while getting no help from lawmakers.
The Housing Wage is the amount someone needs to earn per hour to afford a rental home without spending more than 30% of their income.
The National 2023 Housing Wage is $28.58 per hour for a modest 2BR and $23.67 for a modest 1BR.
More than 25M people nationally work in the five most common lowest-paying occupations with a median hourly wage of at least $7.80 less than the 1BR Housing Wage. (Biz New Orleans 06/15/23) Report: Affordable Housing Out of Reach in Louisiana - Biz New Orleans
For additional information, and to download the report, visit: https://www.nlihc.org/oor
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