Here’s How Much You Need To Make Per Hour To Afford Rent In North Carolina
It’s no secret that housing costs across the nation are out of whack compared to how much money we bring home each month. But, when we see the numbers in black and white it really hits home. And, the National Low Income Housing Coalition recently published a report to illustrate that point state by state. So, in a nutshell this report points out how much you need to make per hour to afford rent in North Carolina.
And, the bottom line is that rent increases outpace wage increases. According to their report, wages increased only 9% for the bottom 10th percentile between 2019 and and 2022. And, that added up to an hourly wage of just over $12. However, the National Low Income Housing Coalition numbers indicate the national ‘Housing Wage’ for 2023 was $28.58 for a modest 2 bedroom rental. Basically, that means the average person needs to make just under $30 per hour to afford modest housing in most states. So, I think it’s easy to see the gap between the two numbers.
Plus, we don’t even like to think about how many of us live paycheck to paycheck. The margins are thin and even thinner if we miss just one paycheck or encounter an unexpected expense. And, with incomes not pacing with rent increases it’s nearly impossible to tuck money away for emergencies. Trust me, as a renter I understand the struggle. And, I see friends of ours renting in Charlotte struggling with increases as high as $400 per month each year.
Now, here’s what we came here to see. National Low Income Housing Coalition says this is how much you need to make per hour to afford rent in North Carolina. And, the magic number is $21.54 per hour. So, if you make minimum wage you need to put in 119 hours per week.
North Carolina ranks as 29th in the nation for housing wages. Costs in South Carolina were very similar at $21.48. I enjoy where I live. However, as soon as the money comes in most of it goes to housing costs for us. So, take a look at the full report to see how much you need to make per hour to afford rent in your state.
North Carolina City Is The Number 1 Cheapest Place To Live Nationwide
16. Winston-Salem, NC
The first Carolina city to make the top 25 is Winston-Salem. This Triad city has a population of over 250,000.
Overall Score: 6.4
Quality Of Life: 6.7
Value: 7.7
12. Greenville, SC
Greenville is trending and growing as one of the premiere places to live in South Carolina. Even better than just being one of the trendiest it’s also one of the cheapest and most affordable spots in the country.
Overall Score: 6.5
Quality Of Life: 6.4
Value: 7.8
11. Spartanburg, SC
Greenville was beaten out by nearby Spartanburg. But just by one spot. You’re close enough to Greenville, halfway between Charlotte and Atlanta, and it’s affordable. What could be better?
Overall Score: 6.4
Quality Of Life: 6.3
Value: 7.8
1. Hickory, NC
And the answer is? Hickory! This town in the foothills of the Blue Ridge Mountains is about an hour from Charlotte and Asheville. Its low cost of living makes it a desirable place to live. This isn’t the first list we’ve seen giving some recognizing Hickory.
