Report: Rents pricing out minimum-wage workers across the U.S., Colorado | Denver Post

The Washington Post breaks down the report like this: There is nowhere in the country where someone working a full-time, minimum-wage job could afford to rent a modest two-bedroom apartment. And a one-bedroom is available to those low-wage workers in only 22 counties in five states: Colorado, Arizona, California, Oregon and Washington.

The report by the coalition says that in Colorado, a worker needs to earn $23.93 an hour to afford a two-bedroom apartment, while the Fair Market Rent is $1,245 in the state. Fair Market Rent is Housing and Urban Development’s best estimate of what a household seeking a modest rental home in a short amount of time can expect to pay for rent and utilities, according to the report.

To get the $23.93 hourly wage figure, the report factors housing costs as 30 percent of income, thus a household must earn $4,148 monthly or $49,780 annually. To get that annual income based on a 40-hour work week, 52 weeks a year, you need to earn $23.93 an hour. Colorado’s minimum wage is $10.20.

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Report: Rents pricing out minimum-wage workers across the U.S., Colorado.