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124 <br />North Carolina <br />In North Carolina, the Fair Market Rent (FMR) for a two- bedroom apartment is $737. In order to afford this level of <br />rent and utilities — without paying more than 30% of income on housing — a household must earn $2,457 monthly or <br />$29,481 annually. Assuming a 40 -hour work week, 52 weeks per year, this level of income translates into a Housing <br />Wage of. <br />$14.17 <br />In North Carolina, a minimum wage worker earns an hourly wage of $7.25. In order to afford the FMR for a two - <br />bedroom apartment, a minimum wage earner must work 78 hours per week, 52 weeks per year. Or a household must <br />include 2.0 minimum wage earners working 40 hours per week year -round in order to make the two- bedroom FMR <br />affordable. <br />In North Carolina, the estimated mean (average) wage for a renter is $12.17. In order to afford the FMR for a two - <br />bedroom apartment at this wage, a renter must work 47 hours per week, 52 weeks per year. Or, working 40 hours per <br />week year - round, a household must include 1.2 workers earning the mean renter wage in order to make the two - <br />bedroom FMR affordable. <br />Monthly Rent Affordable to Selected Income Levels <br />Compared with Two - Bedroom FMR <br />Two - Bedroom FMRJ$213 Y`v:'• N $737 I Gap between Rent <br />Affordable and <br />Median Income Household $1,448 FMR <br />Mean Renter Wage Earner $633 Mean Renter Wage Earner $104 <br />Extremely Low Income Household $434 Extremely Low Income Household $303 <br />I <br />Minimum Wage Earner $377 Minimum Wage Earner $360 <br />SSI Recipient <br />SSI Recipient $524 <br />$0 $500 $1,000 $1,500 $2,000 <br />National Low Income Housing Coalition • Out of Reach 2013 149 r <br />