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Rental Homes Offer Option for Affordable Housing


Society & Culture  (tags: Affordable Housing, Society, availability, drugs, culture, need, families, communities, funding, rent! )

Barbara
- 2641 days ago - tallahassee.com
Community leaders and Frenchtown residents said the complex offers a symbol of hope... ...It lies in place of Ebony Gardens, a deteriorating public housing complex that was infested with drugs and torn down in 2005....



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Comments

Barbara Palau-Lipford (1067)
Saturday September 22, 2007, 10:43 pm
This really was interesting to me. as this week I have been hunting for a place to rent. My hubby and I have a home here in KY where he has family, but (I hate it here!!!!!!!!!!) We have about 6-8 more months before we will be able to buy another home where we want to retire.
My husband is a southern man... and me... I'm just an east coast girl! But... have any of you seen the price of rent ANYWHERE on the east coast lately? WOW! It has blown my mind!!! Affordable housng is not an easy find here on the east coast!!!
 

Harmony Kieding (506)
Sunday September 23, 2007, 2:09 am
Out of Reach 2006- Dedicated solely to ending America's Affordable Housing crisis
http://www.nlihc.org/oor/oor2006/?CFID=18365867&CFTOKEN=95447502

 

Harmony Kieding (506)
Sunday September 23, 2007, 2:12 am

"Kentucky

In Kentucky, the Fair Market Rent (FMR) for a two-bedroom apartment is $557 . In order to afford this level of rent and utilities, without paying more than 30% of income on housing, a household must earn $1,858 monthly or $22,294 annually. Assuming a 40-hour work week, 52 weeks per year, this level of income translates into a Housing Wage of $10.72.

In Kentucky, a minimum wage worker earns an hourly wage of $5.15. In order to afford the FMR for a two-bedroom apartment, a minimum wage earner must work 83 hours per week, 52 weeks per year. Or, a household must include 2.1 minimum wage earner(s) working 40 hours per week year-round in order to make the two bedroom FMR affordable.

In Kentucky, the estimated mean (average) wage for a renter is $9.78 an hour. In order to afford the FMR for a two-bedroom apartment at this wage, a renter must work 44 hours per week, 52 weeks per year. Or, working 40 hours per week year-round, a household must include 1.1 worker(s) earning the mean renter wage in order to make the two-bedroom FMR affordable.

Monthly Supplemental Security Income (SSI) payments for an individual are $603 in Kentucky. If SSI represents an individual's sole source of income, $181 in monthly rent is affordable, while the FMR for a one-bedroom is $457 .

A unit is considered affordable if it costs no more than 30% of the renter's income."

 

Past Member (0)
Sunday September 23, 2007, 10:04 am
one bedroom in nyc 2800.00
 

Teresa del Castillo (1519)
Saturday October 20, 2007, 10:06 am
noted
 
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