Out of Reach 2012 - National Low Income Housing Coalition

North Carolina
In North Carolina, the Fair Market Rent (FMR) for a two-bedroom apartment is $709. In order to afford this level of
rent and utilities – without paying more than 30% of income on housing – a household must earn $2,363 monthly or
$28,351 annually. Assuming a 40-hour work week, 52 weeks per year, this level of income translates into a Housing
Wage of:
$13.63
In North Carolina, a minimum wage worker earns an hourly wage of $7.25. In order to afford the FMR for a twobedroom
apartment, a minimum wage earner must work 75 hours per week, 52 weeks per year. Or a household must
include 1.9 minimum wage earners working 40 hours per week year-round in order to make the two-bedroom FMR
affordable.
In North Carolina, the estimated mean (average) wage for a renter is $12.11. In order to afford the FMR for a twobedroom
apartment at this wage, a renter must work 45 hours per week, 52 weeks per year. Or, working 40 hours per
week year-round, a household must include 1.1 workers earning the mean renter wage in order to make the twobedroom
FMR affordable.
Monthly Rent Affordable to Selected Income Levels
Compared with Two-Bedroom FMR
Two-Bedroom FMR
Median Income Household
Mean Renter Wage Earner
Extremely Low Income Household
$709
$630
$449
$1,497
Gap between Rent
Affordable and
FMR
Mean Renter Wage Earner $79
Extremely Low Income Household
$260
Minimum Wage Earner
$377
Minimum Wage Earner
$332
SSI Recipient
$209
SSI Recipient
$500
$0 $500 $1,000 $1,500 $2,000
National Low Income Housing Coalition | Out of Reach 2012 147
National Low Income Housing Coalition | Out of Reach 2012 147