In Massachusetts, the Fair Market Rent (FMR) for a two-bedroom apartment is $1,194. In order to afford this level of rent and utilities, without paying more than 30% of income on housing, a household must earn $3,981 monthly or $47,769 annually. Assuming a 40-hour work week, 52 weeks per year, this level of income translates into a Housing Wage of $22.97.
In Massachusetts, a minimum wage worker earns an hourly wage of $8.00. In order to afford the FMR for a two-bedroom apartment, a minimum wage earner must work 115 hours per week, 52 weeks per year. Or, a household must include 2.9 minimum wage earner(s) working 40 hours per week year-round in order to make the two bedroom FMR affordable.
In Massachusetts, the estimated mean (average) wage for a renter is $18.43 an hour. In order to afford the FMR for a two-bedroom apartment at this wage, a renter must work 50 hours per week, 52 weeks per year. Or, working 40 hours per week year-round, a household must include 1.2 worker(s) earning the mean renter wage in order to make the two-bedroom FMR affordable.
Source: MA Rents
