Malvern, Tredyffrin Rents Highest in Chesco

CHESTER COUNTY, PA - Rent is high almost everywhere, but if you're looking for a two-bedroom home in Chester County, you need to earn around $30 an hour to rent one. Malvern and Tredyffrin Township rents are among the highest in the county, according to a study that evaluated rents by ZIP code. West Chester Borough rents require wages of $29.42 an hour to afford rent.

The "Out of Reach 2020" study is a project of the National Low Income Housing Coalition. The non-profit foundation gathers and evaluates data to make policy recommendations on housing.

The organization formulates wages required for housing by ZIP code. The report also calculates the hours needed to work to pay rent, based on an area's minimum wage.

For Chester County overall, the report found its "housing wage" was $23.58, and an annual income of $49,000 is needed for a two-bedroom rental. The county's median income is $96,000 which would make rents of $2,400 affordable, if everyone earned that income.

Those earning minimum wage need to work 3.3 full-time jobs in order to pay Chesco rent, the study found. One-fourth of Chester County residents rent, and their average wage is $19.25 an hour, the report found.

Compared to the rest of Pennsylvania, rent in Chester County municipalities requires wages nearly $10 an hour higher, overall. Pennsylvanians on average have to earn $19.26 an hour to pay their rent, and the state ranks 26th in U.S. in the comparison of wages and housing costs, the "Out of Reach" report shows.

A minimum wage earner in Pennsylvania needs to work 106 hours per week to afford rent while making $7.25 an hour, the report said.

There are about 1.6 million households that rent in Pennsylvania, according to the report.

Not every ZIP code in Chester County was included in the report. No "housing wage" figure was available for Phoenixville, but crossing the Schuylkill River into Mont Clare would mean you could rent earning $21.35 an hour.

The wage needed to afford a two-bedroom home in other municipalities in Chester County is:

• Paoli — $29.62
• Malvern — $33.27
• Tredyffrin — $31.35
• Exton — $30.38