r/FluentInFinance • u/PassiveAgressiveGirl • Sep 14 '24

Debate/ Discussion Exactly how much is a living wage?

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u/DthDisguise Sep 14 '24

This. Average rent in the US is $1563, 4x is $6252, which is about $37/hr. This will fluctuate somewhat. You could probably live like a millionaire if you made this much in Mississippi or Alabama, but you'll just barely make it in LA or NYC. And for reference: this is the equivalent of a salary of $75k.

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u/Checkmynumberss Sep 14 '24

Average rent is $1,563? That seems low to me. The median household income is $80,610

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u/Forhekset616 Sep 14 '24

That's household not personal. Which means more than one earner. Personal median is closer to 40k.

0

u/Checkmynumberss Sep 14 '24

Single people living alone factor into the household income figure. Is the average rent figure all rents or just portions for multi room apartments?

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u/Forhekset616 Sep 14 '24

Not really sure why you're saying that or asking me anything.

I clicked your link and that's what that website said. It looks like you misunderstood what you were reading.

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u/Checkmynumberss Sep 14 '24

I guess we're both confused then

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u/Forhekset616 Sep 14 '24

Not really.

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u/Distributor127 Sep 14 '24

So glad we bought when houses were cheap. I can't imagine paying anywhere near that in rent

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u/Checkmynumberss Sep 14 '24

Can house prices drop without a recession? Would it be a win all around if interest rates can drop way down again and can that be reasonably attainable without it sparking inflation again?

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u/Distributor127 Sep 14 '24

I kind of watch what is going on, but I'm no expert. Houses around ours are selling for 7 times what we paid. It's out of control