Estately has a gallery of homes a person making minimum wage ($7.25) can afford in various cities. Those homes are compared to those a person making $15 per hour can afford — and the difference is so depressing, it’s enough to make even the most diehard conservative move to Canada.
In Philadelphia, here’s what the difference looks like:
For those making $7.25 per hour:
This house is in Southwest Philly, around 69th and Buist. Listing says: “house’s boarded for security reason. But otherwise, it’s a good starter house.” And the price is right: $50,000. Unfortunately, this house is unlikely to be an investment that appreciates.
For those making $15 per hour:
This house is in Point Breeze, near 24th and Wharton. Listing says: “Seller assist available!! Great starter home in south Philly close to center city.” The price is also right: $104,500. Fortunately for those who make more than minimum wage, this house is in a neighborhood where real estate is most likely to appreciate.