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Study: Rent is Higher Than Minimum Wage Pay in These 16 Cities

Rent prices have increased by two percent to four percent nationwide each year since 2011, according to CoreLogic. While gains in federal and state minimum wage rules have somewhat mitigated the bite for lower-wage earners in certain areas, it’s often not enough to compete with the rising cost of housing. Meanwhile, the population of renters has increased, forcing renters to compete for a finite supply of rental housing, which is already pricing out some people. Using data from the Joint Center of Housing Studies and the Economic Policy Institute, MagnifyMoney identified 16 cities where the median rent claims all of a minimum wage worker’s take-home pay, and then some. Let’s take a look at big cities that are more affordable and ones where the rent is too darn high. Key findings Austin, Texas, is the least affordable major U.S. city for minimum-wage workers. Austin’s median rent is equal to 143 percent of take-home pay at the minimum wage. The median rent in Austin is $1,220 per...

Apr 1, 2020