Minimum Wage

The minimum wage is the lowest hourly pay an employer may legally offer. The federal minimum in the United States has been $7.25 an hour since 2009. Many states and cities set a higher one.

Run through the 3x rent rule, a wage sets a ceiling on rent. Full-time work at $7.25 an hour is $15,080 a year, which qualifies for rent of about $418 a month. At $15 an hour the yearly figure is $31,200 and the rent ceiling is about $866.

To find the ceiling for any wage, multiply it by 2,080 hours and divide by 36. Going the other way, a $1,500 apartment takes $25.97 an hour at 40 hours a week. The 3 times the rent chart lists the hourly wage for each rent.