re: #308 dog philosopher

from an article on the minimum wage:

1950
Minimum wage: $0.75/hour
Gas: $0.27 or 22m
Movie ticket: $0.48 or 38m
Rent: $42 or 56hrs

1960
Minimum wage: $1/hour
Gas: $0.31 or 19m
Movie ticket: $0.69 or 41m
Rent: $71 or 71hrs

1970
Minimum wage: $1.60/hour
Gas: $0.36 or 14m
Movie ticket: $1.55 or 58m
Rent: $108 or 67.5hrs

1980
Minimum wage: $3.10/hour
Gas: $1.25 or 24m
Movie ticket: $2.60 or 50m
Rent: $243 or 78hrs

1990
Minimum wage: $3.80/hour
Gas: $1.13 or 18m
Movie ticket: $4.23 or 1hr, 7m
Rent: $447 or 118hrs

2000
Minimum wage: $5.15/hour
Gas: $1.49 or 17m
Movie ticket: $5. 39 or 1hr, 3m
Rent: $602 or 117hrs

2010
Minimum wage: $7.25/hour
Gas: $2.78 or 23m
Movie ticket: $7.95 or 1hr, 6m
Rent: $602 or 109hrs

As I recall, the “old” rule of thumb on shelter costs used to be 25% of your gross income, and that included utilities. Seems like an eternity ago. It was usually what mortgage companies required, no more of your budget than that, with a good sized down payment as well.

So, even today, a lot of people making more than the minimum wage (40 hrs @7.25 = $288/wk) are paying even more than 50% of their wages in shelter cost. I know I am.