Here’s how much you need to make in order to rent apartment in Southern Nevada

Homes are located across the Las Vegas Valley as seen on Jan. 4, 2021.
Homes are located across the Las Vegas Valley as seen on Jan. 4, 2021.(Gai Phanalasy | FOX5)
Published: Aug. 1, 2022 at 11:23 AM PDT
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LAS VEGAS, Nev. (FOX5) - As rents continue to skyrocket across the country, a new report looked at how much a person needs to make in each state and areas in order to afford rent on a two-bedroom apartment.

Published by the Low Income Housing Coalition, the report, dubbed “Out of Reach,” states that the average monthly fair market rents for a one-bedroom or two-bedroom rental are $1,105 and $1,342, respectively.

According to the report, Nevada came in at 17th in a ranking of the highest and lowest two-bedroom housing wage, with an individual in the Silver State needing to make $23.70 per hour to comfortably afford rent.

The report also indicates that with a fair market rent of $1,232 for a two-bedroom apartment, in order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $4,108 monthly or$49,294 annually.

More specifically, the report says those living in Southern Nevada need to make $23.38 per hour while people in Reno need to make $26.81 in order to afford a two-bedroom rental. If someone is making minimum wage ($10.50 in Nevada), they would need to have 2.2 full-time jobs in Southern Nevada in order to afford the rent. In Reno, they would need 2.6 full-time jobs.

For Nevada, the annual income needed to afford is broken down below:

Zero-Bedroom $34,043

One-Bedroom $40,296

Two-Bedroom $49,294

Three-Bedroom $69,860

Four-Bedroom $83,876

Likewise, the work hours per week at minimum wage is as follows:

Zero-Bedroom 62

One-Bedroom 74

Two-Bedroom 90

Three-Bedroom 128

Four-Bedroom 154

Coming in at number 1 on the list, the report found Hawaii to be the most expensive with an hourly wage of $40.63 needed to afford a two-bedroom rental.

To view the full report, visit: https://nlihc.org/oor