ATLANTA - Rents in the metro Atlanta area have to make over three times Georgia's minimum wage to live comfortably, a new study finds.
The National Low Income Housing Coalition has published a report showing what a person needs to make per hour in the state of Georgia to be able to afford a two-bedroom apartment.
Overall, it's recommended that Georgians should earn at least $19.11 per hour. That's to afford the state's Fair Market Rent for a two-bedroom apartment or rental property, which is about $994.
"In order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $3,313 monthly or $39,758 annually," the report states. This is assuming a 40-hour work week, 52 weeks a year.
In metro Atlanta, the numbers are higher. According to the study, people in the Atlanta, Sandy Springs, and Roswell areas need to make $22.44 per hour, meaning an income of $46,680 annually. That's 3.1 times the amount Georgia minimum wage of $7.25 pays.
According to the report, 37% of Georgia households, or over 1.3 million, are renters. Georgia is smack in the middle of states requiring the most money to rent a two-bedroom apartment at No. 27.
The report also states that in order for someone making minimum wage to afford a 1-bedroom rental, they would need to work 91 hours per week.
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The Atlanta area tops the most expensive areas in the state to rent followed by Savannah, Morgan County, Butts County, and Hall County.
The most expensive state to live in is Hawaii where the recommended hourly wage is $38.76 followed by California at $36.96.
You can read the full report here.