Which States Are Raising Their Minimum Wage in 2018?
The Economic Policy Institute has great facts and figures on the US minimum wage, currently $7.25, which has not been raised since 2009. Various states have raised minimum wages for their workers, and some are planning to further increase minimum wage in 2018.
We don’t suggest you move for an extra few dollars or cents, but when you’re looking to buy a home, every penny counts!
Currently, Washington, D.C. boasts the highest minimum wage at $12.50, with Washington state and Massachusetts coming in tied at $11.00/hr.
In the District of Columbia, someone earning minimum wage would have to work for 30 years (that’s pre-tax) to afford the average cost of a D.C. home, which currently has a sale price of approximately $830,000.
There are seven states with no minimum-wage laws, or they have a minimum wage below the federal wage, where the federal minimum wage would apply. They are Alabama, Georgia, Louisiana, Mississippi, South Carolina, Tennessee, and Wyoming.
In eighteen states, the minimum wage is indexed for inflation, meaning it automatically adjusts each year for increases in prices. Those states are Alaska, Arizona, California, Colorado, Florida, Maine, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, New York, Ohio, Oregon, South Dakota, Vermont, Washington, and Washington D.C.