This is how much money you need to make per hour to afford rent in Michigan

How rising inflation and high interest rates will impact the housing markets

For anyone trying to buy a home, it's still a seller's market. But as inflation rates and interest rates increase, it could mean some major changes on the housing market.

DETROIT (FOX 2) - A new report reveals the disparity between minimum wage and the cost of an average two-bedroom rental in different U.S. cities.

According to Out of Reach, in no state, metropolitan area, or county can a full-time minimum-wage worker afford a modest two-bedroom rental home, and these workers cannot afford modest one-bedroom apartments in 91% of U.S. counties.

The Out of Reach report from the National Low Income Housing Coalition revealed that Michiganders are right in the middle in terms of how much it costs to pay the rent.

According to the report, on average, renters need to make $19.10 per hour and work full-time to afford a two-bedroom apartment. That comes out to 77 hours per week at minimum wage to afford rent. To afford a one-bedroom, the median average is $15.22 and you'd have to work 62 hours.

However, the state's minimum wage is $9.87, making the affordable cost of rent at $513 per month.

It's most expensive in the suburbs of Detroit where you'd have to make more than $30 per hour to afford rent.

It could be worse. In Florida, it would take 106 hours at minimum wage there to pay rent. But Hawaii is the highest at 161 hours per week.

As for the lowest? That goes to Arkansas where you'd ONLY have to work 54 hours per week at minimum wage to afford rent.