That’s $13,476/yr excluding any unexpected repairs. Probably won’t even work at $13/hr or $26k/yr since the debt-to-income ratio would be a bit out of whack.[/quote]The only reason I brought up housing is because that’s the best source I can find with some historical data of how much it cost to put shelter over your head. My assumption is that rent vs PITI should be similar through the years, obviously excluding the bubble years.
I’m not trying to say people on minimum wage should be able to buy a place easily or at all. But unless you can provide a better source for historical rent for each type of housing unit, this is the best I got.
Also keep in mind that 50+% of minimum wage earner are younger than 25 years old. Most college educated people barely start to buy their first place @ 25-30 years old, so why would you expect people on minimum wage to do so. FYI, that example I gave, you’d qualify for FHA if there are dual income making minimum wage. Do you think in 1985, a dual income person making $3.35 ($6.70/hr combined or $13k year) be able to buy a $78k place?
