11 cities where minimum-wage workers are getting crushed by rent
While some cities like Seattle and San Francisco have recently raised the minimum wage to as much as $15 an hour, these increases are just not be enough to provide a roof over your head.
According to real estate firm Zillow, an average renter should be spending approximately 30% of their wages on the cost of their residence in order to have enough money left over for other expenses. By this standard, San Franciscans would need to be effectively earning $65 an hour to live comfortably.
Using rent data from across the country, Zillow calculated what the minimum wage would have to be in various cities in order to meet that 30% threshold. They found that even $15/hour wouldn't be enough to cover the median rent in any of the 35 largest metro areas for a single person. Even if two people were contributing to rent, 24 cities would still be too expensive.
From Zillow's report, we pulled the 11 cities where two roommates would need to earn at least $17 an hour each to afford the median rent.
- Spiti Valley guide 2024: Stunning locations & interesting things to do
- Zydus Q4 net profit surges 4-fold to ₹1,182 cr; revenue at ₹5,534 cr
- Sebi mulls facilitating MFs to invest in overseas funds with exposure to Indian securities
- India's forex reserves jump $2.56 bn to $644.15 bn
- JSW Steel Q4 net profit falls 65% to ₹1,322 crore