Chester County continues to see an increase in the gap between a renter’s wages and the cost of renting a two-bedroom apartment, writes Tim Stuhldreher for Lancaster Online.
The “affordability gap” has been growing steadily over the last decade. According to a recent report from the National Low Income Housing Coalition, to afford a typical two-bedroom apartment in the county, a person needs to earn $24.35 an hour.
However, the average wage for renters in Chester County is estimated to be $18.01, putting the county’s affordability gap at $6.34. This means that a renter needs to work 54 hours a week to afford a two-bedroom rental.
The figures are based on federal data presented in the coalition’s annual report, “Out of Reach.” It analyzed housing affordability at the national, state, and county level.
The threshold for affordability set by federal policy states that housing should not consume more than 30 percent of income to be considered affordable.
Read more about Chester County’s affordability gap from Lancaster Online here.