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Another thing I think may happen - we will see an EXPLOSION in rental prices. Since $ 15.00 an hour is not enough for homeownership (unless you are a couple each making that, it may be possible), it IS enough to pay significantly more in rent and landlords know this.
I think singles and single mothers will be especially vulnerable in this situation and may find the bulk of their "pay increase" going to much higher rental costs.
The MW workers living at home now wanting to move out and seek apartments (since they are making more money now) will help drive up rental costs.
Another thing I think may happen - we will see an EXPLOSION in rental prices. Since $ 15.00 an hour is not enough for homeownership (unless you are a couple each making that, it may be possible), it IS enough to pay significantly more in rent and landlords know this.
I think singles and single mothers will be especially vulnerable in this situation and may find the bulk of their "pay increase" going to much higher rental costs.
The MW workers living at home now wanting to move out and seek apartments (since they are making more money now) will help drive up rental costs.
Singles are not "vulnerable" unless they are unwilling to live with roommates (which is their problem, and should not be a public policy concern).
Singles are not "vulnerable" unless they are unwilling to live with roommates (which is their problem, and should not be a public policy concern).
Whether they choose roommates or a St. Bernard does not change the point that rents will skyrocket. More people will start seeking public housing (for which there are already wait lists). They probably will no longer qualify since they are making more money, but still can't buy a home.
An ideal situation would be to stimulate the economy - pay higher wages, people buy more stuff - cars, electronics, etc. I just am not sure that is what would happen if all of their "raise" is going to jacked-up rents.
Whether they choose roommates or a St. Bernard does not change the point that rents will skyrocket. More people will start seeking public housing (for which there are already wait lists). They probably will no longer qualify since they are making more money, but still can't buy a home.
With roommates the rent increase is diluted over more earners. If the rent goes up by an amount such that someone living alone will face a wash between higher wages and higher rents, then the roommates will face a net benefit.
With roommates the rent increase is diluted over more earners. If the rent goes up by an amount such that someone living alone will face a wash between higher wages and higher rents, then the roommates will face a net benefit.
Yes, roommates are an option. While rents will skyrocket, roommates can help share the burden. The fact that it leads to a lower QOL for many (particularly single mothers) is not what is up for debate here. You are correct in the roommates could help "offset" cost of rising rentals. That has always been an option and always will be.
I wonder if landlords will find a way around that, as well. We already pay "pet rent". Perhaps an additional roommie fee might be in order?
Yes, roommates are an option. While rents will skyrocket, roommates can help share the burden. The fact that it leads to a lower QOL for many (particularly single mothers) is not what is up for debate here. You are correct in the roommates could help "offset" cost of rising rentals. That has always been an option and always will be.
I wonder if landlords will find a way around that, as well. We already pay "pet rent". Perhaps an additional roommie fee might be in order?
In some places landlords already change more if the number of occupants goes up but not by enough to significantly erode the cost sharing benefit.
Rents do not rise because of minimum wages. They rise because of the housing market. Minimum wages do not drive the housing market.
If that was the case, rents would be the same in a state like Texas (MW 7.25) whether you wanted to live in Austin (2br rent 1250+ or the outskirts of Kingsville (2br rent 650).
Singles are not "vulnerable" unless they are unwilling to live with roommates (which is their problem, and should not be a public policy concern).
Finding such roomates may not be possible, especially in dangerous areas. Then you have those with families. And it's already a pretty lousy omen if the "bottom workers ask have to have roommates. We're inching our way to 3rd world country status of life.
Finding such roomates may not be possible, especially in dangerous areas. Then you have those with families. And it's already a pretty lousy omen if the "bottom workers ask have to have roommates. We're inching our way to 3rd world country status of life.
That is how I feel, too. The "get roommates and just deal with it" responses are not untrue, but a harsh truth.
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