The latest “Out of Reach” report on housing affordability in Indiana reveals a concerning trend for minimum wage workers in the state. According to the report, Hoosiers would need to work 122 hours a week to afford a Fair Market Rate two-bedroom apartment, with a Housing Wage of $22.07 per hour in 2024. This wage is significantly higher than the state’s minimum wage of $7.25 and the average renter’s wage.
Indiana falls below the national Housing Wage of $32.11 per hour for a two-bedroom apartment, highlighting the challenges faced by renters in the state. The report also notes that the average Hoosier wage falls short in a majority of counties and metro areas, with many core job sectors not paying enough to cover the cost of housing.
While the prospects are somewhat better for renters seeking a one-bedroom apartment, it still requires 101 hours of minimum wage work weekly to afford the monthly rent of $949. The report points to the need for increased wages and affordable housing options in Indiana to address the growing affordability gap.
For more information on this issue, read the full story by Whitney Downard in the Indiana Capital Chronicle.
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