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insane if true (lemmy.blahaj.zone)

submitted 2 days ago* (last edited 1 day ago) by [email protected] to c/[email protected]

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[–] [email protected] 15 points 2 days ago

I still think the key flaw in thinking for 1974 or 2025 is that minimum wage was never intended to be able to purchase a home. Rent an apartment with room-mates? Sure. But nobody earning minimum wage at any point should expect to be able to buy a home. It's literally the minimum.

In 1970 you could rent an apartment for $108.

https://www2.census.gov/programs-surveys/decennial/tables/time-series/census-housing-tables/grossrents.pdf

The federal minumum wage in 1970 was $1.60 an hour.

So at 40 hours a week, you were making $268.80 a month, your rent was 40% of your income. Rule of thumb is 33% so you're over, but still functional. Got a room-mate? 100% doable.

Now the average apartment is $1,378 for a 2 bedroom.

https://www.statista.com/statistics/1063502/average-monthly-apartment-rent-usa/

With the federal minimum wage of $7.25, you're only making $1,218 a month. You're underwater at that point. Rent is 113% your income.

With 2 bedrooms, to get it to 1970 levels, it would have to be rented by 3 people, 3,654 monthly income, rent would be around 37% the combined income.