A lot of Gen Z and younger millennials might not ever be able to buy a home. According to investopedia.com, “Of the 5,079 renters surveyed, 18% of millennials and 12% of Gen Zers said they don’t think they’ll ever own a home. Most of those who don’t believe they will ever own cited a lack of affordability as the reason, with about half saying high home prices are keeping them from buying.”
As prices of gas, groceries and food skyrocket, the federal minimum wage across the country hasn’t changed since 2009. As a matter of fact, the federal minimum wage is less than what it was 60 years ago. To put it in perspective, according to Business Insider, the average cost of a Mcdonald’s burger was only $0.89 in 2008 and now would cost an average of $6.39. According to politicians in America, an hour of your labor is barely worth a burger.
This 15 year period of the minimum wage not being increased is the longest period without a minimum wage increase since the bill was introduced in 1938 and Americans are in need of an increase more than ever.
More progressive states like Maryland and California have made efforts to increase the minimum wage to $15. Even with those increases, it still isn’t enough to make a livable wage. According to an MIT livable wage calculator, an individual would have to make $24.74/hour in order to pay for food, medical bills, housing, transportation, and internet and still have some left over. Keep in mind that in order to sustain a family, that hourly wage would be even higher.
If the minimum wage does not increase significantly in the future, homelessness will most certainly increase, and current high schoolers/middle schoolers will have to grow up in an economy that is growing faster than wages which could make it a lot harder for them to afford college and homes.
