Study: Here's how much NM workers must earn to afford a 2-bedroom apartment

Operations , State & Local Updates ,

A new report from the National Low Income Housing Coalition released last week shows workers in the Duke City on average have to work more than one job to afford a two-bedroom apartment.

Based on a "fair market rent" of $873 for a two-bedroom apartment, the average worker has to have 1.3 jobs, based on the mean hourly renter wage of $12.84 in the Albuquerque metropolitan statistical area. For renters earning minimum wage, they would have to work 2.2 jobs to pay rent. The federal government annually determines fair market rents, which serve as estimates of what apartments in a particular area would cost to rent.

The hourly wage to afford a two-bedroom apartment in Albuquerque is $16.79, according to the study.

View the accompanying slideshow to see what workers have to earn in other parts of the state, including Santa Fe, to afford a two-bedroom apartment.

Overall, New Mexico ranked No. 36 on the report, with workers in the state needing to earn on average $15.89. Nearly a third of people in the state are renters, the report said. Renters working minimum wage must work 85 hours per week to make rent, according to the study.

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By   – Managing Editor, Albuquerque Business First