Inmost cities it takes at least twice the minimum wage and in some places it is 3times as much. This according to the Housing and Urban Development web siteassuming that 30% of income is spent on housing and that the renters are payingfair market rent. In Cook County home of Chicago fair market rent $1004 amonth. Currently minimum wage is $7.75. Take a duel income house hold thatâs $1984after taxes (assuming 20% tax) anda$1984-$1004=$980 left for living expenses.Instead of 30% being spent on housing about 50% is being spent onhousing. A couple would have to bemaking $26.25 an hour in order for the $1004 rent to be 30% of their adjustedgross income (hud.gov: 2/8/2009). |