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Minimum wage
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this post was submitted on 20 Oct 2024
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So... one approach you could take would be to say anyone working a full time job should be able to afford a one bedroom apartment. You know, New Deal kind of ethos for the modern era.
https://www.zillow.com/rental-manager/market-trends/united-states/?bedrooms=1
Ok, avg one bed rent ~= $1600 a month.
$1600 * 3 = $4800 (1/3 rent to income ratio)
$4800 / (40 hrs x 4 weeks) = $30 dollars an hour.
So yeah its actually worse than 'We've been arguing about $15 for so long its more like $25'.
Nope. Its $30 an hour. $62,400 a year.
Sure would be cool if we did literally anything to _actually_make housing more affordable.
(BTW 60% of working individual Americans make less than this)
https://dqydj.com/income-percentile-calculator/
Not just afford a one bedroom apartment. They should be able to do so and also afford to go to work. You can get housing for next to nothing in bumfuck nowhere, but if you can't get to work while living there, then there's no point.
And you just know this is going to be the conservative argument regarding the subject. Joe Random makes $18 an hour in New York City and they'll argue that this is sufficient because you can rent a 1br studio in Kentucky with it.
1/3 of your income for rent is higher than financial experts advise. You should try to keep it under 25%
True, but afaik, basically every place in the US has a functionally, if not outright legally mandated 3 to 1 income to rent ratio.
Occasionally some smaller or more charitable landlords may waive this, or there may be different rules for some specific affordable/elderly/disabled communities, but for the overwhelming number of places, 1 to 3 is either legally required or enforced via industry standard.
I agree anyone working a full time job should be able to afford a one bedroom apartment but minimum wage in 1940 was $624a year and an average apartment seemed to be $324 a year so to meet that same level of pay we would “only” need a minimum wage of 17.25. That’s still way more than the current minimum wage of 7.25 but not as high as $25/hr
Minimum wage in major cities is usually in the mid-twenties these days. The idea of a federal minimum wage is kind of silly, considering how different the cost of living is across the country. Living wages should be calculated and enforced at the city or county level.