For reference, the federal minimum wage would have you earning roughly on average $1,256.66 a month
It’s recommended your rent only be 30% of your total budget, so with an average monthly rent of $1,827 that would mean your average renter’s monthly income should ideally be $6,090
That would be roughly $35.13hourly or $73,080annually
However, the average renter’s household income is only $42,500 annually or $20.43 hourly (as of 2019 according to the Census Bureau’s American Community Survey)
This means either rent prices are too unsustainably high and price gouging or wages are too unsustainably low and predatory
Or both
(Hint: it’s both)
not to mention most apartments won’t even allow you to apply unless you make 3 times rent.
If you are a landlord I unequivocally hate you.
$7.25 was my state minimum wage in 2000, when I started working. Federal minimum wage was $5.15. That’s a 40% increase in federal minimum wage in the 23 years I’ve been a tax-paying worker.
The average rent in 2000 was $602. Average rent climbed 203% in the 23 years I’ve been a tax-paying worker.
This system never felt right to me in my 23 years of formally being part of it. It’s really sickening and I don’t see how most people can plan their futures when this is what we have to deal with. They weakly increase wages, they massively increase rents, and there’s no catching up without a system-breaking change in regulations.
