Here’s how much Illinois, metro-east residents need to make to rent a 2-bedroom
A full-time worker needs to earn an hourly wage of $25.82 on average to afford a two-bedroom rental home in the U.S., according to a new report from the National Low Income Housing Coalition.
For Illinois, that hourly wage is $22.80, according to the report.
The non-tipped minimum wage in Illinois is $12 an hour, while the tipped minimum wage is $7.20.
The coalition publishes the “Out of Reach” report annually to document the “significant gap between renters’ wages and the cost of rental housing across the United States.”
The 2022 report defined affordable housing as costing no more than 30% of someone’s income. Full-time work refers to someone working 40 hours per week, 52 weeks per year, and the report included rent affordability information for all 50 states, the District of Columbia and metropolitan areas.
Illinois has the 20th-highest “housing wage” (the hourly wage someone needs to earn to be able to afford a rental home) in the U.S. at $22.80 for a two-bedroom home. This means an Illinois resident would need to work an average of 76 hours per week at the state’s minimum wage in order to afford two-bedroom housing.
Missouri’s housing wage is the 41st-highest in the U.S. at $16.94 for a two-bedroom. A Missouri resident would have to work an average of 61 hours per week at the state’s minimum wage to afford a two-bedroom rental.
The non-tipped minimum wage in Missouri is $11.15, and the tipped minimum is $5.575.
It’s important to note the numbers given by the NLIHC are averages, and the statewide numbers include rental markets such as Chicago and other areas where the cost of living is significantly higher or lower than most areas in each state.
What do metro-east residents need to make to afford housing?
A resident of Belleville zip code 62220 would need to earn $17.12 an hour to afford a two-bedroom rental, or $13.46 to afford a one-bedroom, NLIHC said.
Residents of the O’Fallon-area zip code 62208 need to earn $20.58 per hour to afford a two-bedroom rental, while Swansea renters in 62223 need to make $16.73 on average.
Fairview Heights residents in zip code 62232 would need to earn $18.65 for a two-bedroom rental, or $14.62 for a one-bedroom. Depending on the zip code, East St. Louis area renters need to make about $16.35 to $16.92 an hour to afford a two-bedroom rental.
While Missouri’s average state housing wage is significantly lower than Illinois’ at $16.94, many parts of the St. Louis metropolitan area require higher earnings to afford typical one- and two-bedroom units.
Housing wages range from $16.35 to $24.23 and up on the Missouri side of the St. Louis metro area. Renters in 63109 would need to make $18.65 for a two-bedroom, and 63110-area residents would need to make $19.23.
You can search for more data on housing affordability by zip code online from the NLIHC.
