Assuming a person earning $15 an hour is also working 40 a week, which is rare for a minimum wage employee, and that they're not taking any days off (the City Council considered bundling paid days off with the wage hike, but scrapped the idea), they'd be earning $31,200 a year. An Economic Policy Institute study released in March found that a single, childless person living in Los Angeles has to make $34,324 a year just to live in decent conditions (and that was using data from 2013). A household with one parent and one kid would need to be bringing in $60,600, and it just goes up from there. A childless couple is the exception here: they only need to make $46,750 combined, which would be possible in our imaginary minimum wage scenario…(click below to read more)
Source: Every Single Part of Los Angeles is Unaffordable on $15/Hour – Unaffordable Housing – Curbed LA
Supply/Demand Pushing Home Prices Higher
Nationwide home prices are now within 10 percent of their pre-crash peaks and seven states have surpassed those peaks, some have been establishing new high marks for several months. CoreLogic said today that its Home Price Index (HPI) that tracks that home prices nationwide, including distressed sales, rose in March for the 37th consecutive month on a year-over-year basis.