Looking to rent a new pad in metro Atlanta? You may want to read this.
According to a recent report from the National Low Income Housing Coalition (NLIHC), to live in Atlanta, you will need to earn more than the average Georgia renter— and more than double the federal minimum wage.
The fair market rent in Atlanta for a two-bedroom apartment is $916, according to the NLIHC, citing 2015 data from the U.S. Department of Housing and Urban Development. To afford that (defining "afford" as not paying more than 30 percent of one’s income on housing costs), an Atlanta renter would have to make $36,649.60 a year – which is a "housing wage" of $17.62 an hour.
The state average for this housing wage is a bit lower, at 15.71 per hour, or $32,676, according to the NLIHC. That number ranks Georgia 26th nationally and one of the most expensive in the South, according to the NLIHC.
The federal minimum wage is $7.25.
According to its website, the NLIHC advocates for preserving existing federal housing resources and expanding the supply of low-income housing, among other things.
Its report, "Out of Reach 2015," examined the national, regional, state and county level trends in the cost of rent versus the average worker’s income.
Though the metro Atlanta housing wage is steep, it's much lower than the national average: $19.35 an hour
Atlanta renters’ housing wage is a bit less than Savannah’s. Renters in the coastal city on average have a housing wage of $17.73 an hour.