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Report: Nevada residents must work over 40 hours per week to afford rent

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Posted at 2:36 PM, Jun 08, 2020
and last updated 2020-06-09 15:48:27-04

A new study has been released showcasing the drastic increase in rent all over the country.

According to data from Zillow and the U.S. Bureau of Labor Statistics (BLS), between 2010 and 2019, the median monthly rent nationwide increased by 20.5 percent, while the median hourly wage only rose by 17.6 percent.

New data from the U.S. Department of Housing and Urban Development (HUD) reported fair market rents to be approximately $980 for a one-bedroom and $1,200 for a two-bedroom rental in 2020.

RELATED: Las Vegas ranks #7 for fastest year-over-year rent growth

The analysis also found that residents in Nevada need to work 40.2 hours per week to afford rent for a 1-bedroom dwelling and 49.9 hours per week for a 2-bedroom.

Nevada residents must work the 12th most hours per week in order to afford rent.

Here are some key points highlighted for Nevada:

  • Hours needed to afford rent (1-bedroom): 40.2 hours per week
  • Hours needed to afford rent (2-bedroom): 49.9 hours per week
  • Fair market rent (1-bedroom): $854
  • Fair market rent (2-bedroom): $1,060
  • Median hourly wage: $17.51
  • Median annual wage: $36,410
  • Year-over-year change in rent prices: +8.4%

You can read the full report here.