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NLIHC Releases Out of Reach 2024

NLIHC released today Out of Reach 2024: The High Cost of HousingPublished annually, the Out of Reach report highlights the gulf between the wages people earn and the price of modest rental housing in every state, county, and metropolitan area in the U.S. This year’s report shows that despite rising wages, cooling inflation, and low unemployment, low-wage workers and other renters with low incomes continue to struggle with the cost of rent. 

The signature statistic of Out of Reach is the “Housing Wage” – an estimate of the hourly wage full-time workers must earn to afford a rental home at fair market rent without spending more than 30% of their incomes. Nationally, the 2024 Housing Wage is $32.11 per hour for a modest two-bedroom rental home and $26.74 for a modest one-bedroom rental home. 

In addition to the national Housing Wage, Out of Reach provides Housing Wages for each state, metropolitan area, county, and combined non-metropolitan area within a state. In Virginia, renter households must earn $30.25/hour or about $63K annually to afford a two-bedroom at Fair Market Rent. See more Out of Reach data specific to Virginia in the image below. 

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