Thanks Jerome Powell: New York City minimum wage earners need to work 111 hours to afford rent

It sucks to be a minimum wage worker in New York City in this inflationary economy.

According to a new survey by United Way of the National Capital Area, minimum wage earners in New York would need to work 111 hours to afford a one-bedroom rental.

But while this is atrocious, a minimum wage employee would need to cock in 141 hours in San Jose, 120 hours in Dallas, and 112 hours in Chicago.

“Last year, the cost of rent rose an unprecedented 14% nationally, with some cities seeing rent increases as high as 40%,” NLIHC President and CEO Diane Yentel told CNBC. “These price increases affect renters of all incomes but threaten the lowest-income renters most.”

“As a result of the shortage, nearly 10 million of the lowest-income renter households pay at least half of their limited incomes to keep a roof over their heads,” Yentel added.

Thanks, Jerome Powell.