Posted on Jun 19, 2017
The Hourly Income You Need To Afford Rent Around The U.S.
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Posted >1 y ago
Responses: 5
This is quite interesting and based on earlier research and current research, BUT the conclusions though OK are extremely misleading. What is affordable in some locals is not affordable in other locals. Another misleading aspect of this is that it implies in accordance with the way that the presenters present their argument 2 bedroom as opposed to 1 bedroom (which is mentioned). Earlier minimum wage earners were younger, unmarried singles or married two income households (but still younger, etc.) that just starting out. The ones that always hit the news - people who have children out of wedlock, underage usually; underage non high school graduates, married with children; etc., etc..
The real issue is not minimum wage, it is I want everything now, without having to earn it and learn along the way. Which then puts them deep in debt, in which they have no hope of ever paying off. A perfect example - the housing bubble, and sub-prime mortgages, and other such programs.
Twenty - somethings getting their McMansion now instead of 10 years from now, when they really can afford it.
The real issue is not minimum wage, it is I want everything now, without having to earn it and learn along the way. Which then puts them deep in debt, in which they have no hope of ever paying off. A perfect example - the housing bubble, and sub-prime mortgages, and other such programs.
Twenty - somethings getting their McMansion now instead of 10 years from now, when they really can afford it.
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MAJ (Join to see)
Why anyone would think that a two bedroom apartment at 30% of their income is a good goal for a minimum wage earner is mindblowing. Minimum wage is the lowest wage which the Government will allow you to work it is not a means to lift wages. Raising the minimum wage cannot raise wages it can only prohibit the ability for individuals to negotiate a salary less then the price floor. High school students do not need to afford a two bedroom apartment why would anyone propose prohibiting their ability to work for less. The author's of the article have a profound misunderstanding of economics.
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If you can afford rent at 30% of your income you are doing well financially, certainly not the premise that a minimum wage increase should be based around.
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I'm in Michigan, don't make close to what they suggest, and live in a 4 bedroom house, that I pay rent on. And still can afford a few small luxuries. Then I don't live in Detroit , or any of the big cities in the state.
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SGT (Join to see)
That brings an interesting perspective to the graphic. What areas in each state are on the low and higher ends of the spectrum?
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SGT David A. 'Cowboy' Groth
I live in SW Michigan, rent averages about 450.00 a month, plus depends on whether it's lake property or not.
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