Home Ownership Greater Struggle for Low-Wage Californians
A new study says home ownership for low-wage workers is a greater stretch in California than anywhere else in the country.
Wednesday, December 22, 2004
The report from the National Low Income Housing Coalition finds that a California worker must earn more than $21 dollars an hour to afford the rent on a modest two-bedroom home. This assumes 30% of income is spent for housing. The buying power of the $21 dollar wage is obviously a statewide average, blending rural California with markets such as San Francisco. But using the same methodology, no other state is more expensive… The $21 dollar figure is triple California’s minimum wage. Other states where housing is also out of reach for low-wage workers include Massachusetts, New Jersey, Maryland and New York.