Access to Housing with Minimum Wage in Cincinnati

Minimum wage has been implemented within society so that low-income workers have the ability to acquire basic services for their subsistence. It is generally understood that this vital minimum is allocated in different proportions depending on individuals’ needs; however, according to societal standards, it is believed that 30 percent of this wage will be allocated for housing expenses.

But the question would be: is this 30% of the minimum wage, according to current real estate market prices, sufficient to obtain affordable housing? A recent study on the cities where a person can afford to live with that percentage has determined where housing is most affordable for minimum wage earners.

This report has chosen to analyze the 50 most important cities in the United States, and according to its results, Cincinnati ranks sixth among the most affordable cities to live in; however, it notes that in none of the studied cities is it possible to live by designating only 30 percent of the minimum wage.

Real estate experts in Cincinnati clarify that although a person earning minimum wage may find a property using that percentage of the stipulated wage, the reality of finding such properties available is another matter.

Finding an affordable property in the city of Cincinnati is possible, but only if a person can afford to allocate a much higher percentage of their minimum wage for housing expenses, experts say. This means that by allocating a higher percentage of their wages, other shortages or personal conflicts could arise.

Currently, the minimum wage in Cincinnati per hour does not exceed $11, an amount that is insufficient to cover all necessary expenses for a person to live with dignity and meet all their basic needs. According to analyses, for a person to allocate 30% of their wage solely for housing in the city, they would need to be earning approximately more than $34 per hour.

However, although low income is an important issue and there is a need for proportional increases that address the economic reality of each city, another aspect that causes concern among residents is the limited supply of affordable housing in Cincinnati.

Available Foreclosures:

Cincinnati: 1200 homes available.

By Elías DaSilva | 20 de Noviembre de 2024.