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Is Housing Too
Expensive
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The face of America's population is
changing by the day. With the onset of many lower-income jobs and the
flux of workers in the job force who are making the federal minimum
wage, the financial situation of the country's population has been shifting.
Along with this shift comes the inevitable shift in the country's housing
situation. With incomes and housing rates in flux, America's housing
situation has been steadily worsening and may very well reach a crisis
point in the near future.
In many areas of the US, a recent study finds, the average minimum-wage
worker cannot afford the rent and utilities on an average apartment.
This study assumes that no more than 30% of a worker's income goes towards
rent and utilities- the government considers a percentage higher than
that to be too much. In a country where owning a home is a major status
symbol, it is a cause of real concern when a large segment of the population
cannot even afford to rent one. Are real estate costs getting out of
control?
For an average two-bedroom rental apartment in the United States, the
average worker must earn, according to the government, in the area of
$15 an hour. With the minimum wage currently at about a third of that
amount, the fact is that many families cannot afford to keep the roofs
over their heads, much less save money to someday buy a home. The fact
remains that wage increases have simply not kept up with the booming
costs of real estate rentals and utility costs. While rent costs are
climbing, utility costs are climbing faster still. And it's also worth
noting that in areas where housing costs are lower, wages are on average
also lower, so there is not much benefit to be gained by relocating.
The minimum wage has not changed in the United States since 1997, while
the costs of housing continue to rise.
The US government has also fallen behind on their spending towards Section
8 rental vouchers, which help low-income people pay their rent. More
landlords than ever before, particularly in metropolitan areas, accept
Section 8 vouchers; but since government spending towards these vouchers
has not kept up with demand, they are becoming more and more difficult
to get. As housing costs increase, those who depended on Section 8 can
no longer do so.
Not surprisingly, rent in rural areas is the most affordable, and California
is at the top of the list when it comes to hourly income needed to afford
a typical apartment. It's a difficult situation for anyone who is having
trouble making their rent: The option to move somewhere cheaper, but
make less money, is not much of an option.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with real estate; visit
http://real-estate.online-business-idea.com
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