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.
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
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.
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/
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
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.