The Minimum Wage has been in the news quite a bit lately. Many are urging both states and the federal government to raise the wage, which has been set at $7.25 on a national level since 2009.
There also is something called the “housing wage,” which is determined by calculating the hourly rate a full-time worker needs to earn in order to pay only the recommended 30% of his or her income towards rent. According to the National Low Income Housing Coalition, the housing wage in Tulsa County is currently $14.21 for a 2 bedroom apartment at fair market rent. So, in other words, for a household to afford rent on a 2 bedroom apartment, 2 people would need to be working full-time for at least minimum wage.
The annual income needed to keep housing costs affordable has increased $720 from 2013 to 2014. This increase means a family earning just enough to comfortably afford rent on a 2 bedroom unit in 2013 would need a 2.4% pay raise just to keep up with the rise in housing costs in Tulsa.
Stepping back to look at Oklahoma as a whole, (more…)
The Tulsa Initiative Blog 