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The price of the rental is derived: ========== Fair Market Rent (FMR) is typically the 40th percentile of gross rents for standard rental units. ==========
by TheLoneAdmin 8y ago
The price of the rental is derived:
==========
Fair Market Rent (FMR) is typically the 40th
percentile of gross rents for standard rental
units.
==========
A. If you are at minimum wage, look for apartments in the 5th percentile, not a mid-range priced apartment.
B. Most minimum wage, one-income households only need one-bedroom apartment.
C. Or, get a roommate, rent drops in half.
- kingbirdy 8y agoThe minimum was wage enacted such that a single breadwinner earning minimum wage would be able to support a family. A family needs 2 bedrooms and a livable apartment, not the bottom of the barrel, squeezed in to one bedroom.
- pofilat 8y agoDo you have a source? The numbers don't back you up. Min wage is the single-person poverty level, and is much higher now than when it was enacted.
- _dps 8y agoAt least in the US this is not true. The very first minimum wage, inflation adjusted, comes out to something like $8k/yr in today's money (https://bebusinessed.com/history/history-of-minimum-wage/ https://bebusinessed.com/history/history-of-minimum-wage/). It is simply not viable or desirable to require the lowest skill jobs to pay enough to support a family. It has never been the case that the least skilled laborers in an economy were able to support families without support from other sources (e.g. a multigenerational house).