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Realistically for housing to be 1/3 of your income, the minimum wage should be closer to $20/hr right now. I live in a pretty small town and most basic 1Br apartments are starting at ~$700/mo so around $1k/mo once you factor in utilities. If we round the numbers a bit, 3000/160=18.75 so housing would be a bit less than 1/3 of gross income, and noticeably less than 1/3 of the person’s income after taxes and insurance.
The abysmal wages compared to the cost of living are why micro-financing (“Buy now pay later”) is a thing now
Realistically for housing to be 1/3 of your income, the minimum wage should be closer to $20/hr right now. I live in a pretty small town and most basic 1Br apartments are starting at ~$700/mo so around $1k/mo once you factor in utilities. If we round the numbers a bit, 3000/160=18.75 so housing would be a bit less than 1/3 of gross income, and noticeably less than 1/3 of the person’s income after taxes and insurance.
The abysmal wages compared to the cost of living are why micro-financing (“Buy now pay later”) is a thing now
…ideally, minimum wage should be set per-county at three times one standard deviation below the mean housing cost…
(3 * ((600 SF * σ $/SF) * FHA 30-Year Mortgage)) / 2080