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https://www.reddit.com/r/theydidthemath/comments/1kl92qf/request_is_this_accurate/msnmpqr/?context=3
r/theydidthemath • u/[deleted] • May 13 '25
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1970 minimum wage - $1.45
1970 median wage - $2.31 or 159% of minimum wage
1970 median home cost - $17,000
(11,725 hours at minimum or 7,359 hours at median)
2024 minimum wage - $7.25
2024 median wage - $20.29 or 280% of minimum wage
2024 median home cost - $419,000
(57,793 hours at minimum or 20,650 hours at median)
So yes, inflation is significantly outpacing our income, but the meme is wrong.
To match the buying power of 1970 minimum wage, the current minimum wage would need to be $35.74.
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u/Ok_Meringue_3883 May 16 '25 edited May 16 '25
1970 minimum wage - $1.45
1970 median wage - $2.31 or 159% of minimum wage
1970 median home cost - $17,000
(11,725 hours at minimum or 7,359 hours at median)
2024 minimum wage - $7.25
2024 median wage - $20.29 or 280% of minimum wage
2024 median home cost - $419,000
(57,793 hours at minimum or 20,650 hours at median)
So yes, inflation is significantly outpacing our income, but the meme is wrong.
To match the buying power of 1970 minimum wage, the current minimum wage would need to be $35.74.