No Affordable Housing Available in Colorado for Minimum Wage Workers
Colorado’s Housing Wage for 2017 revealed in a national report released today.
DENVER, June 8, 2017 — In order to afford a modest, two-bedroom apartment at Fair Market Rent in Colorado, renters need to earn $21.97 an hour. This is Colorado’s 2017 Housing Wage, revealed in a new report released today by the National Low Income Housing Coalition (NLIHC), Out of Reach: The High Cost of Housing.
Every year, Out of Reach reports on the Housing Wage for all states, counties and metropolitan areas in the country. The report highlights the gap between what renters earn and what it costs to afford rent at fair market value.
“The rental housing market in Denver truly is out of reach for so many in our community. As rent and home prices continue to rise, more and more families are experiencing homelessness. Working families are now living on the streets,” said John Parvensky, President and CEO of the Colorado Coalition for the Homeless. “Building more affordable housing is more critical than ever for low and extremely-low income families and individuals in our Colorado communities.”
In Colorado where the minimum wage is just $9.30 an hour, a family must have either almost 2.5 full-time wage earners or one full-time earner working 95 hours per week in order to afford a modest two-bedroom apartment.
Data from the report shows that the typical renter in Colorado earns about $17.13 per hour, which is still almost $5.00 less than the hourly wage needed to afford a modest unit.
"Out of Reach 2017 shows why millions of low income renters are struggling to afford their homes,” said NLIHC President and CEO Diane Yentel. “We have the resources to solve the affordable housing crisis in America by rebalancing federal housing expenditures to serve our country’s most vulnerable households. We lack only the political will to do so.”
For more information on the Out of Reach report for Colorado, visit: http://nlihc.org/oor/colorado
About National Low Income Housing Coalition
About Colorado Coalition for the Homeless