Re:Why income share agreements did not work out
by TulliusCicero on Thursday March 24, 2022 @01:03AM
(#30786522)
Yup, though realistically, probably not too many people on minimum wage are living alone in a 1br. There probably aren't that many people on minimum wage, period, especially 7.25.
The biggest problem here isn't the income, though, it's the rising cost of housing due to anti-housing policies. Some of them explicit (e.g. zoning), some of them unfortunate side effects (e.g. extensive environmental reviews making all large construction projects take a really long time).
Take home pay after taxes would be around $1600, leaving $400 after rent to pay for food, utilities, healthcare, transportation, etc.
Those people aren't spending $150/month on cable and they don't have a lot of spare money to put away for a rainy day.
You could move to North Dakota where average rent is around $900, but then min wage there is only $7.25/hr, giving you around $1100/mo after taxes with $200 left over for everything else.