I calculated this a few years ago, but It shouldnt’ve changed much. Take the year 1960 or whichever year that you can get all the following reliable information: Minimum wage, and median two bed house cost/sale price, for the specific area or state.
The minimum wage in my area in 1955 was equivalent to double what it is now, and with the housing market (and omitting tax because it’s too dynamic) minimum wage then was enough to earn a house’s value in four years. To earn the equivalent house’s value before tax in the next four years, in my area, minimum wage must more than treble to $45/h. (to get $360,000)
Graphing the min wage with house costs between 1955, 1985 and 2015 shows an exponentially increasing slope which, if no market crash happens, will continue. As it is, factoring the cost of living and taxes, it would take over 100 years to buy a house on $15/h.
I calculated this a few years ago, but It shouldnt’ve changed much. Take the year 1960 or whichever year that you can get all the following reliable information: Minimum wage, and median two bed house cost/sale price, for the specific area or state.
The minimum wage in my area in 1955 was equivalent to double what it is now, and with the housing market (and omitting tax because it’s too dynamic) minimum wage then was enough to earn a house’s value in four years. To earn the equivalent house’s value before tax in the next four years, in my area, minimum wage must more than treble to $45/h. (to get $360,000)
Graphing the min wage with house costs between 1955, 1985 and 2015 shows an exponentially increasing slope which, if no market crash happens, will continue. As it is, factoring the cost of living and taxes, it would take over 100 years to buy a house on $15/h.