Study: $15 an hour needed for 2-bedroom rental in New Mexico

FILE- In this Nov. 20, 2015, file photo, a rental sign is seen outside a property in Denver. The majority of U.S. renters are now older than 40, a fundamental shift over the past decade that reflects the lasting damage of the housing crash and an aging population, a study said Wednesday, Dec. 9. (AP Photo/David Zalubowski, File)

ALBUQUERQUE, N.M. (AP) – A new study says residents in 10 New Mexico counties must earn $15 an hour or more to rent a two-bedroom apartment without having to spend more than 30 percent of their income.

Data released by an affordable housing advocacy group found that residents in Santa Fe County had to earn at least $20.15 an hour to afford a two-bedroom rental.

The report says those in Bernalillo and Sandoval counties needed $16.88 an hour for a two-bedroom place in their area.

The report was issued last week by the Washington, D.C.-based National Low Income Housing Coalition.

With a minimum wage of $7.50 in New Mexico, the study says residents in the state would have to work 84 hours a week at that rate to afford a two-bedroom rental.

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