Renting has become slightly more affordable for minimum workers across the United States, but not by much, according to a Redfin report.
A worker making an average minimum wage would have to work 106 hours a week to afford a median-priced apartment that costs $1,599 per month, the report found. That is down from a peak of 125 hours of minimum-wage work required to afford a median-priced apartment in 2022 when rents peaked at $1,704.
The estimate is based on an analysis of median asking rents during the three months ending January 31 as well as 2024 annual wage data. While the $7.25 federal minimum wage hasn’t increased in more than 15 years, the effective minimum wage has increased in 30 states, according to the Economic Policy Institute. Redfin based its estimate on a minimum wage of $11.59.
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