{"id":816668,"date":"2025-02-24T10:01:49","date_gmt":"2025-02-24T15:01:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-report-a-minimum-wage-worker-would-have-to-work-106-hours-a-week-to-afford-the-typical-u-s-apartment\/"},"modified":"2025-02-24T10:01:49","modified_gmt":"2025-02-24T15:01:49","slug":"redfin-report-a-minimum-wage-worker-would-have-to-work-106-hours-a-week-to-afford-the-typical-u-s-apartment","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-report-a-minimum-wage-worker-would-have-to-work-106-hours-a-week-to-afford-the-typical-u-s-apartment\/","title":{"rendered":"Redfin Report: A Minimum-Wage Worker Would Have to Work 106 Hours a Week to Afford the Typical U.S. Apartment"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Redfin Report: A Minimum-Wage Worker Would Have to Work 106 Hours a Week to Afford the Typical U.S. Apartment<\/b><\/p>\n<p class=\"bwalignc\"><i>That\u2019s down from a peak of 125 hours when rents hit a record high in 2022<\/i><\/p>\n<p>SEATTLE&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\n(NASDAQ: RDFN) \u2014The average minimum-wage earner in the U.S. would have to work 106 hours per week to afford the $1,599 median-priced apartment. That\u2019s according to a new <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fminimum-wage-rent-affordability&amp;esheet=54212175&amp;newsitemid=20250224469191&amp;lan=en-US&amp;anchor=report&amp;index=1&amp;md5=7522e2cc56a148eb80822c26aa5a00e5\">report<\/a> from Redfin (redfin.com), the technology-powered real estate brokerage.\n<\/p>\n<p>\nRedfin\u2019s report is based on an analysis of median asking rents as of the three months ending Jan. 31, 2025, and 2024 annual wage data. We define an apartment as affordable if a renter making minimum wage spends 30% of their income on rent.\n<\/p>\n<p>\nA rule of thumb in personal finance is that people should spend no more than 30% of their earnings on housing, though this rule has become harder to follow as housing costs have soared. Many minimum-wage workers are spending over 30% to make ends meet. Many are also living in apartments with below-average rents.\n<\/p>\n<p>\n\u201cIt\u2019s obviously not realistic for most people to clock into their job for over 100 hours a week, but this thought experiment shines light on the massive rental affordability gap between the average American and our country\u2019s lowest earners,\u201d said Redfin Chief Economist Daryl Fairweather. \u201cIt\u2019s virtually impossible for a minimum-wage worker to afford the typical apartment on their own, which is why many have to find ways to reduce their housing expenses, like living with roommates or family members, applying for a spot in public housing, or using Housing Choice Vouchers.\u201d\n<\/p>\n<p>\nThe $7.25 federal minimum wage hasn\u2019t increased since 2009. But the effective minimum wage has increased in 30 states over the last decade, according to the Economic Policy Institute. Note that for this report, Redfin used a national effective minimum wage of $11.59 for 2025. Workers earning less than minimum wage tend to be young people, often in the service industry, and women make up a higher percentage of these workers than men, according to the U.S. Bureau of Labor Statistics.\n<\/p>\n<p><b>Renting Has Become a Little More Affordable for Minimum-Wage Workers\u2026But Not Much<\/b><\/p>\n<p>\nWhen the median asking rent peaked in August 2022 at $1,704, the average minimum-wage earner would\u2019ve had to work 125 hours a week to afford the typical apartment\u201419 more hours than they would now.\n<\/p>\n<p>\nThe median U.S. asking rent isn\u2019t growing nearly as fast as it was during the pandemic, and is currently 6.2% ($105) below its record high. Still, it\u2019s 20.4% ($271) higher than pre-pandemic (January 2020) levels.\n<\/p>\n<p>\nToday, it would take the average minimum-wage earner 32 hours of work per week just to cover the cost of rent alone, with no money left over for other expenses, assuming they were renting the median-priced U.S. apartment.\n<\/p>\n<p><b>New Hampshire\u2019s Minimum-Wage Workers Have to Work the Most Hours to Afford the Typical Apartment<\/b><\/p>\n<p>\nIn New Hampshire, someone earning the $7.25 minimum wage would have to work a 224-hour week to afford the $2,110 median-priced apartment. That\u2019s the most hours of any state Redfin analyzed. It\u2019s followed by Pennsylvania (183 hours) and Idaho (165 hours).\n<\/p>\n<p>\nThese states top the list because they have among the lowest minimum wages in the nation, and do <i>not<\/i> have among the lowest rents. For example, New Hampshire\u2019s median asking rent is 32% above the national median of $1,599.\n<\/p>\n<p><b>South Dakota\u2019s Minimum-Wage Workers Have to Work the Fewest Hours to Afford the Typical Apartment<\/b><\/p>\n<p>\nIn South Dakota, someone earning the $11.20 minimum wage would have to work a 75-hour week to afford the $1,085 median-priced apartment. That\u2019s the fewest hours of any state Redfin analyzed. Missouri and Nebraska are next, both at 76 hours.\n<\/p>\n<p>\nThese states all have below-average asking rents, and minimum wages that are <i>not<\/i> among the lowest in the country. South Dakota\u2019s median asking rent, for example, is 32.1% below the national median rent.\n<\/p>\n<p>\nTo view the full report, please visit: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fminimum-wage-rent-affordability&amp;esheet=54212175&amp;newsitemid=20250224469191&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.redfin.com%2Fnews%2F&amp;index=2&amp;md5=e74a7723e1dc8a96e3034b343ddd3c9a\">https:\/\/www.redfin.com\/news\/<\/a><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fminimum-wage-rent-affordability&amp;esheet=54212175&amp;newsitemid=20250224469191&amp;lan=en-US&amp;anchor=minimum-wage-rent-affordability&amp;index=3&amp;md5=5459d1c31eba019cf548232c1df76a0a\">minimum-wage-rent-affordability<\/a><\/p>\n<p><b>About Redfin<\/b><\/p>\n<p>\nRedfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=54212175&amp;newsitemid=20250224469191&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=4&amp;md5=4091c998fe9f3ea0070d50d5b214d164\">www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country&#8217;s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we&#8217;ve saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.\n<\/p>\n<p>\nRedfin\u2019s subsidiaries and affiliated brands include: Bay Equity Home Loans\u00ae, Rent.\u2122, Apartment Guide\u00ae, Title Forward\u00ae and WalkScore\u00ae.\n<\/p>\n<p>\nFor more information or to contact a local Redfin real estate agent, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=54212175&amp;newsitemid=20250224469191&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=5&amp;md5=1a15113b52e4e33f0710c204866a1287\">www.redfin.com<\/a>. To learn about housing market trends and download data, visit the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdata-center%2F&amp;esheet=54212175&amp;newsitemid=20250224469191&amp;lan=en-US&amp;anchor=Redfin+Data+Center&amp;index=6&amp;md5=43d0f6726e3b03c28d3c5a0277570df5\">Redfin Data Center<\/a>. To be added to Redfin&#8217;s press release distribution list, email <a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a>. To view Redfin&#8217;s press center, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fpress.redfin.com%2Fphoenix.zhtml%3Fc%3D252734%26p%3Dirol-overview&amp;esheet=54212175&amp;newsitemid=20250224469191&amp;lan=en-US&amp;anchor=click+here&amp;index=7&amp;md5=85c4cc5bc89e801be1dbc993331b6ca2\">click here<\/a>.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250224469191r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250224469191\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250224469191\/en\/<\/a><\/span><\/p>\n<p>\nContact Redfin<br \/>\n<br \/>Redfin Journalist Services:<br \/>\n<br \/>Kenneth Applewhaite<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America New Hampshire Washington Nebraska Missouri South Dakota<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Women Construction &amp; Property Men Public Relations\/Investor Relations Family Communications Consumer Residential Building &amp; Real Estate<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250224469191\/en\/1407505\/3\/Redfin_Standard_Web_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Redfin Report: A Minimum-Wage Worker Would Have to Work 106 Hours a Week to Afford the Typical U.S. Apartment That\u2019s down from a peak of 125 hours when rents hit a record high in 2022 SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014The average minimum-wage earner in the U.S. would have to work 106 hours per week to afford the $1,599 median-priced apartment. That\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Redfin\u2019s report is based on an analysis of median asking rents as of the three months ending Jan. 31, 2025, and 2024 annual wage data. We define an apartment as affordable if a renter making minimum wage spends 30% of their income on rent. A rule &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-report-a-minimum-wage-worker-would-have-to-work-106-hours-a-week-to-afford-the-typical-u-s-apartment\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Redfin Report: A Minimum-Wage Worker Would Have to Work 106 Hours a Week to Afford the Typical U.S. Apartment&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-816668","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Redfin Report: A Minimum-Wage Worker Would Have to Work 106 Hours a Week to Afford the Typical U.S. Apartment - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-report-a-minimum-wage-worker-would-have-to-work-106-hours-a-week-to-afford-the-typical-u-s-apartment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Report: A Minimum-Wage Worker Would Have to Work 106 Hours a Week to Afford the Typical U.S. Apartment - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Redfin Report: A Minimum-Wage Worker Would Have to Work 106 Hours a Week to Afford the Typical U.S. Apartment That\u2019s down from a peak of 125 hours when rents hit a record high in 2022 SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014The average minimum-wage earner in the U.S. would have to work 106 hours per week to afford the $1,599 median-priced apartment. That\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Redfin\u2019s report is based on an analysis of median asking rents as of the three months ending Jan. 31, 2025, and 2024 annual wage data. We define an apartment as affordable if a renter making minimum wage spends 30% of their income on rent. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-report-a-minimum-wage-worker-would-have-to-work-106-hours-a-week-to-afford-the-typical-u-s-apartment\/","og_locale":"en_US","og_type":"article","og_title":"Redfin Report: A Minimum-Wage Worker Would Have to Work 106 Hours a Week to Afford the Typical U.S. Apartment - Market Newsdesk","og_description":"Redfin Report: A Minimum-Wage Worker Would Have to Work 106 Hours a Week to Afford the Typical U.S. Apartment That\u2019s down from a peak of 125 hours when rents hit a record high in 2022 SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014The average minimum-wage earner in the U.S. would have to work 106 hours per week to afford the $1,599 median-priced apartment. That\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Redfin\u2019s report is based on an analysis of median asking rents as of the three months ending Jan. 31, 2025, and 2024 annual wage data. We define an apartment as affordable if a renter making minimum wage spends 30% of their income on rent. 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