this post was submitted on 12 Dec 2023
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Today I Learned

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[–] QualifiedKitten@kbin.social 28 points 11 months ago (1 children)

It's late, so I could be making dumb mistakes here, but I think the numbers are at least loosely factoring in those sort of expenses. It's not 100 hours/week just to cover rent, it's 100 hours/week to actually maybe afford that rent.

$7.25/hour x 40 hours/week x 4 weeks/month = $1160/month gross income
Assuming a maximum of 1/3 of gross income goes to housing, that's $383/month available for rent. The site calculates $377/month as "affordable rent" for the minimum wage worker, so for the sake of the argument, I think my calculations are close enough.
So, that means for every hour worked, about $2.39 is going towards rent ($7.25x0.33).
$2.39/hour x 106 hours/week x 4 weeks/month = $1013, which is just over their "1-Bedroom Fair Market Rent" rate of $1002/month.

[–] Sconrad122@lemmy.world 1 points 11 months ago (1 children)

Pretty sure they are using 56/12=4.667 weeks per month and 0.3 ratio instead of a third, that makes the numbers line up for me

[–] QualifiedKitten@kbin.social 2 points 11 months ago (1 children)

Yeah, my numbers were definitely very round, but if we are trying to get more exact, aren't there only 52 weeks per year, so 4.33 weeks per month?

[–] Sconrad122@lemmy.world 1 points 11 months ago

Typo, 52 is what I meant. Good catch!