this post was submitted on 17 May 2025
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I still think the key flaw in thinking for 1974 or 2025 is that minimum wage was never intended to be able to purchase a home. Rent an apartment with room-mates? Sure. But nobody earning minimum wage at any point should expect to be able to buy a home. It's literally the minimum.
In 1970 you could rent an apartment for $108.
https://www2.census.gov/programs-surveys/decennial/tables/time-series/census-housing-tables/grossrents.pdf
The federal minumum wage in 1970 was $1.60 an hour.
So at 40 hours a week, you were making $268.80 a month, your rent was 40% of your income. Rule of thumb is 33% so you're over, but still functional. Got a room-mate? 100% doable.
Now the average apartment is $1,378 for a 2 bedroom.
https://www.statista.com/statistics/1063502/average-monthly-apartment-rent-usa/
With the federal minimum wage of $7.25, you're only making $1,218 a month. You're underwater at that point. Rent is 113% your income.
With 2 bedrooms, to get it to 1970 levels, it would have to be rented by 3 people, 3,654 monthly income, rent would be around 37% the combined income.