WASHINGTON — Imagine working tirelessly, clocking in 80 hours a week, only to find that your paycheck barely covers your rent. This is the bitter truth for many residents in the DMV area.
According to the latest report by the National Low Income Housing Coalition, a minimum-wage earner would need to hold down two full-time jobs or more to afford a one-bedroom apartment at Fair Market Rent (FMR) in the DMV area.
However, the harsh reality is that finding housing priced at or below FMR is extremely rare.
Zillow data shows that only 8-10% of one-bedroom and two-bedroom apartments in Washington, D.C. are available at or below FMV.
So, don't doubt yourself. The struggle to find affordable housing is real.
Here's how much you need to earn in D.C., Maryland and Virginia to afford housing (at FMR), according to the report:
DC:
In the District, Fair Market Rent (FMR) for a two-bedroom apartment is listed at $2,045, and $1,803 for a one-bedroom. To afford these rents, without exceeding 30% of income spent on housing, a household needs an annual income of at least $72,120 for a one-bedroom and $81,800 for a two-bedroom.
However, finding a one-bedroom for $1,803 or under in D.C. can be difficult. According to Zillow, out of 4,640 one-bedroom listings, only 429 are available at or below the Fair Market Rent (FMR), representing about 9.2% of available units. Similar challenges exist for two-bedroom units.
Simply put, a minimum-wage worker (at $17.50 an hour) would have to hold down two full-time jobs, totaling 79 hours a week, just to afford a one-bedroom apartment at FMV—if they can even find one in that price range.
Maryland:
In Maryland, the Fair Market Rent (FMR) for a two-bedroom apartment is $1,909, and for a one-bedroom, it's $1,608. This requires a household income of at least $64,330 annually for a one-bedroom and $76,345 for a two-bedroom to keep housing costs under 30% of income.
Zillow lists a total of 6,493 one-bedroom rentals, but only 2,391 are priced at FMR or below, accounting for about 37% of available housing. A similar situation applies to two-bedroom rentals.
Given Maryland's lower minimum wage of $15 per hour compared to D.C., an average worker would need to hold down more than two jobs, totaling about 82 hours per week, just to cover basic living expenses.
Virginia:
Fair Market Rent (FMR) for a two-bedroom apartment is $1,573 or $1,363 for a one-bedroom, requiring a household income of $54,525 for a one-bedroom and $62,925 for a two-bedroom.
With a minimum wage of $12 per hour, an average worker would need to juggle more than two jobs or work 87 hours per week just to afford a one-bedroom at FMR. Out of 8,541 one-bedroom rentals, only 1,235 are priced at or below FMR, comprising just 14% of available housing, according to Zillow.
Please be aware that these statistics pertain to Virginia as a whole and may not accurately depict the cost of living in specific DMV regions, where living expenses are notably higher.
Fair market rent is established annually by the U.S. Department of Housing and Urban Development (HUD).
Even if you find a way to afford rent in the DMV, you'll still need to contend with concerns like rodent infestations in upscale apartments and the risk of your car being stolen despite paying hefty monthly parking fees.
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