Hartford Among the Most Affordable Cities Nationwide for Renters

Hartford is the No. 6 most affordable metro for minimum-wage renters, with rent for a one-bedroom apartment consuming 55% of a worker’s gross monthly income, according to data highlighted on the Best Interest website, a financial services company based in West Bloomfield, Michigan, as compiled by Clever, a real estate data company.

Minimum-wage workers in Hartford earn $16.94 per hour, or about $2,710 a month working full time, according to data developed by the company, which noted that a typical one-bedroom apartment in Hartford costs $1,477 per month.

Using the 30% rule, which states that no more than 30% of gross monthly income should be spent on housing, minimum wage workers in Hartford can only afford $813 a month, $664 less than a typical one-bedroom costs, they explain.

Although Hartford is one of the most affordable metros, none of the 50 most-populous U.S. metros is affordable to rent a one-bedroom apartment on a single minimum-wage income using the 30% rule.  Rather, it would take two minimum-wage workers pooling their paychecks to afford fair market rent for a one-bedroom apartment in Hartford.

The most affordable cities nationwide – where monthly minimum wage earnings exceed monthly rent – are St. Louis, Kansas City, Fresno, Detroit, Minneapolis, Hartford, Denver, Grand rapids, Providence, Cincinnati, Cleveland, Chicago, Jacksonville, Baltimore and Seattle.    

Atlanta is the most expensive city for minimum-wage workers, according to the data compiled, based on rent costs as a percentage of income. Employees earning the minimum wage in Atlanta bring home $1,160 a month, which is $500 short of the $1,660 they need to pay rent on a one-bedroom apartment.