Whats the Min Wage Needed to Afford Seattle Rents?

Minimum wage needed to afford Seattle rent? Zillow says it’s $44 per hour

Dec 12, 2014, 6:07am PST

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What’s the minimum wage needed in Seattle to rent a median-priced rental home here? Zillow says it’s $44 an hour.

miller-ben.jpgBen MillerContributing Editor-Puget Sound Business JournalEmail

What’s the minimum wage needed in Seattle to rent a median-priced rental home here? Zillow says it’s $44 an hour.

In the city of Seattle a single-earner would need to make $44 per hour to rent the median-priced rental, said Zillow (NASDAQ: Z), which is the same hourly wage it would take to earn to rent in New York City.

"In the Seattle metro area, the minimum wage required for a single-earner to rent the median rental is as little as $26 per hour in Parkland (Pierce County) to as much as $101 in Yarrow Point (King County)," Zillow said.

Of major U.S. cities, San Francisco has the highest minimum wage needed to rent, at $79 per hour, followed by Boston ($50) and Los Angeles ($49).

To obtain its data, Zillow said it was "using the median monthly rent in each metro area, (it) calculated the annual income necessary to afford the median rental assuming 30 percent of income is dedicated to housing expenses (median rent divided by 0.3 and multiplied by 12). To convert this annual income to an hourly wage, (Zillow) assume(s) further that the typical worker works 40 hours per week and 50 weeks per year for a total of 2,000 hours."

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