50 hours of work to pay the rent? Report finds many renters can't afford their homes [USA TODAY]
NerdWallet, Inc. (NRDS)
Company Research
Source: USA TODAY
Fifty hours represents just over 30% of a month's work, based on a 40-hour workweek. And common wisdom dictates that American households should not spend more than 30% of their income on rent. The new analysis , from the personal finance site Self Financial, finds the typical worker must toil for more than a week at an average hourly wage, $34.59, to cover the average monthly rent of $1,733. It draws on the Census and federal labor data. No one should spend more than 30% of their income on housing, according to a rule of thumb in personal finance, which sets a threshold for “affordable” rent. “Generally, the more you spend on essentials like shelter, that means there's less in your budget to spend on other things,” said Kara Ng , a senior economist at Zillow. Capitalize on high interest rates: Best current CD rates Yet, the Self Financial report found many states where you would have to work more than 30% of the month, on average, to pay the rent. The report looks at median
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