As the cost of living continues to surge across the United States, the dream of finding an affordable rental home becomes increasingly elusive for many Americans. The stark reality is that not only are one-bedroom apartments becoming harder to afford, but the prospects for securing a two-bedroom rental, a necessity for many families or roommates, are even bleaker.
Recent data from a study conducted by the National Low Income Housing Coalition (NLIHC) reveals a concerning trend of rent inflation, demonstrating the widening gap between income and housing costs.
According to the study, the affordability crisis is a pressing issue for individuals earning less than $19 per hour. In fact, only 13 states in the nation offer two-bedroom rentals that are within reach for those with lower incomes. And while rent growth is slowing down, renters are still feeling the impact of rents rising faster than wages. From 2001 to 2021, the median rents in the country went up by a whopping 17.9%, while median household income only saw a measly 3.2% bump. This combination of soaring housing costs, stagnant wages and limited affordable options creates a complex predicament that plagues many communities nationwide.
GOBankingRates looked closer at the study to determine the cost of renting a two-bedroom apartment in every state, and just how affordable it is for the average renter. Here’s what we found.
