Here’s what Bellingham residents must earn to afford housing, according to a new report
People who are renting homes in Bellingham have to make almost $27 for each hour they work, in order to pay for a two-bedroom home or apartment at a price that is called "fair market rent". This price is just below $1,400 every month. This information was found in a yearly study that demonstrates many individuals in America are spending a greater amount of their money on their housing.
The National Low-Income Housing Coalition just released their "Out of Reach" report for 2023, which reveals that in the state of Washington, renters need to earn at least $36.33 per hour in order to afford rent. This translates to working 92 hours every week at a minimum wage rate of $15.74 per hour.
The study shows that for renters, Washington State comes in fifth place in terms of high expenses, surpassed only by California, Hawaii, Massachusetts, and New York, which rank first.
The head of the National Low-Income Housing Coalition, Diane Yentel, made a request to both Congress and the Biden administration that they take steps to increase the availability of affordable housing and put new measures in place to safeguard the rights of renters.
A significant number of low-income renters are experiencing greater housing insecurity due to the escalating housing expenses and expiration of pandemic-related support programs. Evictions are surging, and homelessness is increasing at the same time that House Republicans are endeavoring to cut the financing for vital affordable housing remedies, as mentioned in the report announcement by Yentel.
When examining the entire region of Whatcom County, the study indicates that lessees must make around $26 per hour in order to be able to afford a two-bedroom dwelling, with a fair market rent amounting to $1,355 every month.
The amount has increased to $24 hourly and a reasonable market rental fee of $1,250 during the upcoming year, 2022.
The report states that the average income of renters in Whatcom County is approximately $19 per hour, and they are only able to pay a monthly rent of $963.
This implies that in order to be able to afford a house or apartment that is priced at the median rate, the typical renter in Whatcom County would need to work 1.4 jobs that pay $19 per hour on average.
According to a report from 2023, there are over 38,000 rented households in Whatcom County, with approximately 38% of the population renting their homes. Additionally, according to recent statistics from the city of Bellingham, around 55% of its inhabitants are renters.
The report indicates that individuals who want to live in a reasonably priced house or apartment in Whatcom County should make a minimum of $54,200 annually. This information is particularly useful for tenants looking for affordable housing in the area.
As per the U.S. Census Bureau, the average revenue earned by households in Whatcom County during 2021 was marked at $70,011.
