Affordable Rent Calculator

Housing is considered affordable when a household spends less than 30 per cent of their income on shelter costs. In Richmond we have what is called an affordability gap – where rent cost more than income can afford.

A two-bed apartment in Richmond averages $1200 per month or $14,400 per year.
For this rent to be "affordable" (30% of income) the household has to gross about
$48,000 per year or $24 per hour (based on 2000 hours of work per year).

Wage/Hour
Wage/Year
Wage/Month
30% of Wage/Mo
(2000 hr)
"affordable rent"
9
18000
1500
450
10.25*
20500
1708
512
11
22000
1833
550
12
24000
2000
600
13
26000
2167
650
14
28000
2333
700
15
30000
2500
750
16
32000
2500
750
17
34000
2833
850
18
36000
3000
900
19
38000
3167
950
20
40000
3333
1000
21
42000
3500
1050
22
44000
3667
1100
23
46000
3833
1150
24
48000
4000
1200
25
50000
4167
1250
26
52000
4333
1300
27
54000
4500
1350
28
56000
4667
1400
29
58000
4833
1450
30
60000
5000
1500
31
62000
5167
1500
32
64000
5333
1600
33
66000
5500
1650
34
68000
5667
1700
35
70000
5833
1750
36
72000
6000
1800
37
74000
6167
1850
38
76000
6333
1900
39
78000
6500
1950
40
80000
6667
2000
41
82000
6833
2050
42
84000
7000
2100
43
86000
7167
2150
44
88000
7333
2200
45
90000
7500
2250
*minimum hourly wage as of May 1st, 2012 (servers minimum wage stays at $9.00)