4 ms·
Why should we expect the minimum wage to afford the median rent?
by fshbbdssbbgdd 5y ago
Why should we expect the minimum wage to afford the median rent?
- wonderwonder 5y agoTo be fair, minimum wage is not the $15 an hour that Amazon pays, its half that.
- lolinder 5y agoBut $15/hr isn't the median household income either. In 2020, the median was $67k. https://www.census.gov/library/publications/2021/demo/p60-273.html https://www.census.gov/library/publications/2021/demo/p60-27...
- wonderwonder 5y agoVery true, but individual income in the US is being discussed. $15 an hour translates to ~31,200 a year. A household consisting of a married couple or just 2 people living together both earning $15 an hour is $62,400. Pretty close to the median.
- lolinder 5y agoYes, but households by definition don't need to pay two rents, which means if you can afford average rent on $67k, the median household can in fact afford the median rent.
- wonderwonder 5y agoI think you are probably right, median household income likely can afford the median rent. Median rent is ~$1100. After taxes 2 people making $15 an hour are going to bring home $3,900 a month, so after rent that leaves $2,800. Probably a livable amount. To be honest I am not really sure where we were going with this conversation but I agree with all your points :)