Even for me that’s a bit. Let’s say the median household has two income earners, so base it on that. If you’re solo you can get yourself some sweet studio or whatever. So, basing the minimum income on two incomes and median rent would make minimum wage $25. That is right on the money! Nice. That’s what I’ve seen several reports say minimum wage should be if it kept up with inflation over the decades.
Median rent for my area just to the south is $3,586.
In my area…
https://www.zillow.com/rental-manager/market-trends/los-angeles-ca/
So hourly should be $55.
Even for me that’s a bit. Let’s say the median household has two income earners, so base it on that. If you’re solo you can get yourself some sweet studio or whatever. So, basing the minimum income on two incomes and median rent would make minimum wage $25. That is right on the money! Nice. That’s what I’ve seen several reports say minimum wage should be if it kept up with inflation over the decades.
Median rent for my area just to the south is $3,586.
https://www.zillow.com/rental-manager/market-trends/orange-ca/
We are always told/taught not to spend over 30-40% of our income on housing. Hard to do if minimum doesn’t keep up.
If the minimum wage were tied to housing costs, employers would demand housing cost regulations.
I like this idea.