Because average rent is pretty close to minimum rent anyway. Landlords charge “what the market will bear”, which means there’s not really much difference in price across the city. Sure some people will pay a premium for fancy housing, but they aren’t getting minimum wage anyway.
Why do people always compare minimum wage to average rent it makes no sense
Because average rent is pretty close to minimum rent anyway. Landlords charge “what the market will bear”, which means there’s not really much difference in price across the city. Sure some people will pay a premium for fancy housing, but they aren’t getting minimum wage anyway.
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I think he meant it should be median, not average.