Birdwatch Note Rating
2025-05-17 02:17:15 UTC - HELPFUL
Rated by Participant: BBB4C60A15F95EB73055AB38548BF1352518CC091F6473CA26713EA3FFFF2B62
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Original Note:
The minimum wage in 1975 was $2.10. Median sales prices of homes was $38,100 in Q1 1975. Median sales price in Q1 2025 was $416,900, so to keep homebuying power the same the minimum wage would need to be $22.98. This also ignores improvements in home quality since 1975. https://www.dol.gov/agencies/whd/minimum-wage/history#:~:text=The%20minimum%20wage%20went%20to,farm%20workers%20stopped%20at%20%241.30. https://fred.stlouisfed.org/series/MSPUS#
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