The average renter in Connecticut would have to work 60 hours a week, 52 weeks a year in order to afford the Fair Market Rate (FMR) for a two bedroom apartment without paying more than 30% of their income to housing. In CT, the FMR for a two bedroom apartment is $1,226 while the average wage for renters is $15.81/hr, meaning over 50% of the average renters’ income is going to rent.
This data comes from Out of Reach, an annual report jointly released by the National Low Income Housing Coalition (NLIHC) and the Connecticut Housing Coalition (CHC) that compares wages to rents in every county, Metropolitan Area (MSAs/HMFAs), combined nonmetropolitan area and state in the United States. The report calculates the hourly wage a worker must earn to afford the FMR for a two-bedroom home - this figure is known as the Housing Wage.
Additional data about CT:
For the full report click here.
Here is the CT state report.
CHC’s full press release is available here.