General Discussion
In reply to the discussion: Do you think the Federal minimum wage should be $15 per hour? [View all]marym625
(17,997 posts)Business and I never would qualify someone for more than they could really afford. Your monthly mortgage should not be more than 1/4 of your monthly take home pay.
I don't know where you live but most places with income tax of much more than $100. If you actually figured it out, you're closer to a bring home pay of $3319. per month. That's married filing jointly.
To think anyone making $15 per hour would be debt free but even if they were, that kind of mortgage would be insane. Since in your scenario these people are kids, 18, to assume a child would not be in the near future, as a lender, would be irresponsible. Maybe someone that works for JPMORGAN.
Regardless of all that, what would be wrong with 2 people working 40 hours a week at a thankless, more than likely unbenefited job, having a decent home? In a decent area in Chicago, that would be a small place.
People used raise a family and put the kids through college and have a decent home on one income. That is impossible now. Burger King, Jimmy Johns, McDonald's, etc, have more than enough profit to pay their employees a decent wage. Jimmy John's won't even include benefits for managers.
Your argument against the wage because you believe it might allow them to buy a decent home is reprehensible to me.