How Much Money Do You Need to Make to Live in the Ark-La-Tex?
There's a certain minimum dollar amount you have to make in each state in order to afford rent. Let's take a look at the Ark-La-Tex.
I am so bad with numbers. If our living expenses were left in my hands, my hubby and I would be out on the streets in no time. I'm so thankful for a husband who can crunch numbers and put us on a budget aimed for success. What I do understand though is that there is a certain dollar amount that each of us needs to me in order to survive. That number varies everywhere you go.
A recent report published by the National Low Income Housing Coalition broke it down for each state, looking specifically at a modest two-bedroom rental home. While some places in the Ark-La-Tex are not the cheapest place to live in the country, it certainly is not the most expensive. We fall fairly in the middle, for the most part.
Here's what they reported:
Arkansas is the cheapest place to live, but you still need to make above the state minimum wage of $8.50 to afford living expenses. The NLIHC reported that the average two-bedroom renter makes $13.72. At that rate however, you would need to work 65 hours a week to meet it.
Louisiana falls in at number 30 on the list of Highest Housing Wage. Most two-bedroom renters make $16.16 an hour, which is comfortably above the state minimum wage of $7.50. At this rate you would need to work 89 hours a week to afford that two-bedroom rental home.
Texas was a little above Louisiana on the Highest Housing Wage list at number 22. Of those who rent in the state, they make an average of $18.38 an hour. The state minimum wage is $7.25. At this number, you would need to work a work week of 101 hours to rent that two-bedroom home.
Needless to say, the struggle is real when it comes to being able to afford a modest home on a single provider salary.