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Published: Wednesday, June 13, 2018 @ 10:02 AM
Updated: Thursday, July 12, 2018 @ 5:12 PM
— Renters in the Dayton region on average earn too little to afford a decent two-bedroom apartment, according to a report released by affordable housing advocacy groups.
The average hourly wage earned by Dayton-area renters this year is $12.86, which is nearly $2 short of the wage need to afford the fair market rent of a two-bedroom apartment, according to a report from the National Low Income Housing Coalition and the Coalition on Homelessness and Housing in Ohio.
Workers who shoulder high housing cost burdens often have to make difficult decisions, with potentially serious consequences, about whether to pay rent or fund basic necessities like health care or child care, experts says.
A lack of affordable housing in Dayton and elsewhere in Ohio is a threat to economic growth, said Bill Faith, the director of the Coalition on Homelessness and Housing in Ohio.
“Just like home is essential for family stability,” he said, “housing is the foundation of our economy.”
Nearly 121,000 renter households are spread across the Dayton metro area, accounting for more than one-third of all households. The metro area includes Montgomery, Miami and Greene counties.
In the region, the fair market rent for a two-bedroom apartment is $765, according to the new report.
That means renters would need to earn $30,600 to afford the region’s fair market rent, without their housing costs exceeding 30 percent of their income. That equates to about $14.71 per hour.
Households are considered cost burdened when too much of their income (31 percent or more) goes to housing.
Making $12.86 per hour, a renter ideally would not want to pay more than $669 for rent. But that’s $96 less than the fair market rent for a two-bedroom.
And all of this assumes that a renter is working 40 hours per week and is getting paid for all 52 weeks, which is not the case for everyone.
Some of the Dayton region’s largest occupations do not pay the “housing wage” needed to afford modest, two-bedroom apartments, according to federal labor data reviewed by this news organization.