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REPORT: AVERAGE RENT NEEDED FOR ONE-BEDROOM APARTMENT MORE THAN DOUBLE THE MINIMUM WAGE IN AMERICA

by Piper McGowin, The Daily Sheeple:

While the cost of living has continued to climb since the housing bubble popped, wages have not kept pace. People are not earning more, they’re just paying more. For everything.

Case in point: a new report from the National Low Income Housing Coalition shows that no one who works a full-time minimum wage job in any state in this country could reasonably afford to pay their rent when set at the “affordable” level of 30% of one’s income.

Here’s a map showing the average wage needed to comfortably afford the rent for a two-bedroom apartment per each state:

The national minimum wage of $7.25 an hour. According to the report, the average wage needed to afford a two-bedroom apartment is $20.30.

In other words, an average American would need to earn more than twice the minimum wage just to comfortably afford a modest two-bedroom apartment (without spending more than a third of one’s income solely on rent). The average wage needed for a one-bedroom apartment is $16.35 an hour — still more than double the minimum wage.

What this means is that one in four American renting households, some 10.4 million, cannot even afford rent on a modest apartment. As the price of everything from food to utilities continues to rise in this country, the number of people who cannot afford to make ends meet just to basically get by is going to get bigger too.

Read More @ TheDailySheeple.com

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1 comment to REPORT: AVERAGE RENT NEEDED FOR ONE-BEDROOM APARTMENT MORE THAN DOUBLE THE MINIMUM WAGE IN AMERICA

  • Ed_B

    Yet another eye-roller of an article that completely misses the point that minimum wage jobs are for young people who have little to no work experience and who most likely are still living with their parents. This is how the young actually GET some work experience and save a little money for college. They are not worth paying $15 an hour unless one counts the training they get as part of their pay. This is the 1st rung on the business ladder. Once they get on that 1st rung, it is up to them to climb it as high as they can. Some do that and end up doing quite well for themselves and their family. Others just try to coast along doing the minimum necessary to remain employed. Many fall in between these two types.

    But the bottom line remains the bottom line. If a small business owner has, say $60,000 to hire some help, passing a law isn’t going to change the fact that he still has $60,000 to hire employees. If he pays them $20k a year, he can hire 3 of them. If he has to pay them $30k a year, he can only hire 2 of them. This is the simple math that so many these days cannot seem to grasp.

    Another aspect of this is that if one wishes to earn more money, one needs to have skills that are worth more to an employer. It is widely known that to be a worthwhile employee, you have to earn $2 for your employer for every $1 he pays you. If you are not doing that, then he cannot afford you.

    One final part of all this is that, contrary to the opinion of some, a small business is NOT an endless pot of freely available money. Many small businesses are barely making it. They simply do not have the money to pay an employee or two more than they are getting until the business income rises. Many people have become quite wealthy by accepting stock in a company in lieu of a salary. This helps a cash-strapped company when it is young. If the company does well, it then helps the employee because their shares rise rapidly in value. Many people have become millionaires via this route and from very humble beginnings.

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