You Need to Make $17.15 an Hour to Afford Rent in Wyoming
A report from the National Low Income Housing Collation states that housing costs are “out of reach” for both the average renter and for millions of low-wage households throughout the country.
The report says that in order to afford a modest two-bedroom apartment in Wyoming, a person would need to make at least $17.15 an hour, A.K.A the state's housing wage.
The state's housing wage is found in this way:
In Wyoming, the Fair Market Rent (FMR) for a two-bedroom apartment is $892. In order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $2,972 monthly or $35,663 annually. Assuming a 40-hour work week, 52 weeks per year, this level of income translates into an hourly Housing Wage of $17.15
It's higher in Cheyenne ($18.27) and Casper ($17.77).
The current minimum wage in Wyoming is $7.25 per hour (the same as the federal minimum wage).
The average Fair Market Rent in Wyoming was $892. Someone earning minimum wage in Wyoming would need to work over 95 hours a week to afford that an not have to spend more than 30% of their income on housing.
That's two full-time and one part-time job in order to afford a place to live. That's not including food, child-care, medical care, or transportation.
The numbers for Wyoming pale in comparison to the states with the highest housing wage for a modest two-bedroom rental.
- Hawaii, with a two-bedroom Housing Wage of $38.76
- California, with a two-bedroom Housing Wage of $36.96
- New York, with a two-bedroom Housing Wage of $32.53
For our neighbor to the south, Colorado, the housing wage for a modest two-bedroom rental is $26.45. The minimum wage in Colorado is $11.10.
You can see the full 2018 report here: nlihc.org.