NEW MEXICO (KRQE) – The amount of money people make is continuing to be outpaced by the cost of housing, according to a recent study by the National Low Income Housing Coalition. Their yearly report titled Out of Reach looked at the average amount one would have to make in each state in the United States to afford housing, based on the idea that housing should only take about 30% of one’s income.
So how much do they say New Mexicans need to make to afford a two-bedroom apartment? According to the study, you’d have to make $17.56 an hour, a salary of $36,528 a year, to afford a two-bedroom apartment in New Mexico. The Land of Enchantment is ranked at No. 36, in between Montana and Wyoming.
Neighboring states come in closer to the top. Colorado broke the top 10 at number eight. The NLIHC says you’d need to make about $28/hr. there. Arizona landed in the No. 18 spot at $23.44, and Texas was No. 23 with $22.54.
The numbers were calculated for a full-time (40-hour) work week for 52 weeks to afford a two-bedroom rental home without paying more than 30% of their income.