In Virginia, the Fair Market Rent (FMR) for a two-bedroom apartment is $1,088. In order to afford this level of rent and utilities – without paying more than 30% of income on housing – a household must earn $3,628 monthly or $43,536 annually. Assuming a 40-hour work week, 52 weeks per year, this level of income translates into a Housing Wage of $20.93.
In Virginia, a minimum wage worker earns an hourly wage of $7.25. In order to afford the FMR for a two-bedroom apartment, a minimum wage earner must work 115 hours per week, 52 weeks per year. Or a household must include 2.9 minimum wage earners working 40 hours per week year-round in order to make the two-bedroom FMR affordable.
In Virginia, the estimated mean (average) wage for a renter is $15.97. In order to afford the FMR for a two-bedroom apartment at this wage, a renter must work 52 hours per week, 52 weeks per year. Or, working 40 hours per week year-round, a household must include 1.3 workers earning the mean renter wage in order to make the two-bedroom FMR affordable.