3 ms·
You're comparing average/median rents with the income of people earning minimum wage. Wouldn't it make more sense that people earning the median income would pa
by nearbuy 6y ago
You're comparing average/median rents with the income of people earning minimum wage. Wouldn't it make more sense that people earning the median income would pay median rent and people with the smallest wages would opt for somewhere cheaper?
I live with roommates because it's cheaper and I probably pay less than half of the average rent in my city. If the average rent in one of the least expensive cities is $600/month, there's still going to be a range of rent prices in that city. I'd expect the median citizen of that city to go for the places with about the average rent and the lowest earning citizens to go for cheaper places, or to live with family or roommates.
If you assume that the cheapest unit you can find is roughly half the rent of the median unit, then living in the median city on $15/hour seems reasonable again.