Housing access would increase if Oklahoma's minimum wage grew to $15 an hour, report finds
Increasing the minimum wage would make housing more affordable for tens of thousands, report finds. (Photo by)(This image cannot be republished unless you have a Getty subscription.)
OKLAHOMA CITY – Tens of thousands of more Oklahomans would be able to afford housing if the state's minimum wage were raised to $15 an hour, according to a new report.
Up to 40,000 households would no longer pay 30% or more on rent with the increased minimum wage, according to the report issued by Scioto Analysis, which has offices around the country and provides analysis of issues to public policymakers.
The Department of Housing and Urban Development defines anyone who is spending more than 30% of their income on housing as 'housing cost burdened,' which is high, said Rob Moore, principal with Scioto Analysis.
'If you are spending over 50% of your income on housing, you are considered very housing cost burdened,' Moore said.
If the minimum wage was increased, up to 32,000 Oklahoma households would no longer spend more than half of their income on rent, according to the report.
Lower-income Oklahomans spend a larger proportion of their income on housing, according to the report.
The report was commissioned by This Land Research and Communications, a project of the Oklahoma Donor Alliance. The Donor Alliance is a nonprofit that funds strategic research projects.
The groups are not affiliated with Raise the Wage Oklahoma, which collected enough signatures to get a state question seeking to increase the minimum wage on the June 16, 2026 ballot.
If approved by voters, State Question 832 would gradually increase the $7.25 an hour minimum wage to $15 an hour in 2029. Additional increases would be tied to the cost of living measured by the U.S. Department of Labor's Consumer Price Index.
The report said increasing the minimum wage to $15 an hour would result in as many as 550 fewer Oklahomans experiencing homelessness. Chronic homelessness would drop by 150 people a year, according to the report.
Oklahoma has seen a dramatic increase in homelessness, doubling in the past three years, according to the report.
More than 64% of chronically homeless Oklahomans live in Tulsa or Oklahoma City, according to the report.
SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
SUPPORT: YOU MAKE OUR WORK POSSIBLE
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 hours ago
- Yahoo
The latest inflation data is in. Here's how Utahns are feeling about family costs since Trump took office
After hitting a four-year low in April, prices on U.S. goods and services inched up last month, with annual inflation coming in at 2.4%, according to a Wednesday report from the Labor Department. On a monthly basis, inflation ticked up 0.1% from April to May, suggesting a raft of new import tariffs have yet to impact consumer prices. A new Deseret News/Hinckley Institute of Politics survey finds Utahns are decidedly mixed when it comes to their feelings about President Donald Trump's game plan for controlling rising costs. Core inflation, a measure that excludes volatile food and energy prices, also moved up 0.1% on a monthly basis in May, with overall prices moving up 2.8% over the last 12 months. The group of Mountain West states, which include Utah, saw an annual inflation rate of 1.7% in May, among the lowest regional rates in the country but up 0.5% from April. The latest Consumer Price Index readings show declines in energy costs and vehicle prices helped offset continued increases in the cost of groceries, eating at restaurants and housing-related costs. The cost of groceries and buying food away from home both increased by 0.3% from April to May with annual rates last month at 2.9% and 2.2%, respectively. Shelter-related costs in May, computed by the Bureau of Labor Statistics utilizing data from new rents, existing lease agreements and a rent-equivalent calculation for owner properties, were 3.9% higher over the last year and up 0.3% from April. The Labor Department says housing cost increases were the 'primary factor' behind rising inflation in May. Overall energy costs declined by 3.5% since this time last year and gasoline prices moved down by 2.6% from April to May and were 12% lower on an annual basis. Inflation figures for May came in lower than were widely expected, but some economists predict tariff-related increases are still in play and simply haven't trickled down the checkout aisles yet. 'Today's below-forecast inflation print is reassuring — but only to an extent,' Seema Shah, chief global strategist at Principal Asset Management, told CNBC. 'Tariff-driven price increases may not feed through to the CPI data for a few more months yet, so it is far too premature to assume that the price shock will not materialize.' U.S. inflation has marched down, albeit erratically, since hitting a 40-year high of 9.1% in June 2022, but rates have remained stubbornly above the Fed's target annual rate of 2% since then. And while Trump made addressing inflation issues a forward message in his successful campaign for a second term in office, Utahns have mixed opinions about the job he's done so far. The reviews however, perhaps not surprisingly, break sharply along partisan lines. In a statewide online survey conducted May 16-21 of 805 registered Utah voters, HarrisX asked respondents 'Do you approve or disapprove of the job Donald Trump is doing handling inflation?'. Overall results were essentially split with 50% of poll participants saying they somewhat or strongly approve and 43% falling into the somewhat or strongly disapprove camp. But that apparent equanimity dissolves when the responses are parsed by political affiliation. Some 70% of Republican respondents versus 19% of Democrats weighed-in as somewhat or strongly approving of Trump's work on inflation. On the flip side, only 22% of Republicans said they somewhat or strongly disapproved of Trump's inflation tactics, against 81% of Democrats who participated in the poll. The responses when asked 'Has inflation during the Trump Administration gotten better, worse or stayed the same?' were, again, nearly evenly disbursed among the poll participants, outside the lens of politics. Overall, 31% of respondents said inflation has gotten better since Trump took office, 36% said worse and 33% said inflation was about the same. When flying their party colors, 41% of Republicans versus 14% of Democrats said inflation was better so far in Trump's second term, while 19% of Republicans next to 70% of Democrats believe inflation has become worse. For those who told surveyors that inflation from their perspective has stayed the same since Jan. 20, 40% were Republicans and 17% were Democrats. Data from the Deseret News/Hinckley Institute of Politics polling comes with a plus or minus 3.5% margin of error. So, what does the data say about how inflation has changed so far under President Trump? Last December, ahead of Trump's inauguration, annual CPI inflation was 2.9%, according to Labor Dept. data. In January of this year, that rate bumped up to 3%. February, March and April all saw incremental declines with annual readings of 2.8%, 2.4% and 2.3%, respectively.
Yahoo
19 hours ago
- Yahoo
This Minnesota mom of three is struggling to survive on her $37K annual teacher salary — and she's not alone
Michelle Boisjoli, a 37-year-old mom of three from St. Louis County, Minnesota, starts her days early and ends them late — not because she wants to, but because she has to. As a full-time teacher earning $37,000 a year, she's become part of a growing demographic of working Americans who need a second job to get by. 'It takes multiple incomes to survive in this economy,' Boisjoli told CBS News. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Boisjoli's days are a strained balance of child care, lesson plans and DoorDash deliveries. She feeds her young children — ages 1, 4 and 8 — before eating whatever leftovers remain to "try to make every dollar count.' 'I always grew up thinking about the stereotypical American dream, where you own a house and you have a yard to play in. And I think that dream is dying," she lamented. Her story highlights a harsh reality confronting many today. A CBS News poll found that 2 out of 3 Americans are stressed about their finances, and 3 out of 4 say their income is not keeping up with inflation. For Boisjoli, the reality is more cereal, less eggs and bacon — and the constant calculation of whether she can afford to gas up the car. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Boisjoli's experience is far from unique. The cost of basic necessities, like food, gas and housing, has risen dramatically in recent years. In early June, the U.S. Bureau of Labor Statistics Consumer Price Index showed a 2.4% year-over-year increase in inflation, driven largely by housing and food prices. Wages, however, have not kept pace. According to a report by Pew Research Center, real wages — what people earn when adjusted for inflation — have fallen since the pandemic, eroding purchasing power across the board. The median adult full-time, year-round salary dropped by more than $4,000 per year (from $64,321 in 2021 to $60,000 today). Americans are working multiple jobs to get by. Since May 2024, the U.S. Bureau of Labor Statistics consistently found that more than 5% of the workforce — about 8.5 million people — were holding more than one job. That figure includes professionals like Boisjoli, who, despite full-time employment, must work evenings or weekends to afford life's basics. 'I've had to take on a second job just because everything has gotten so expensive,' she said. Boisjoli's frustration isn't just with the cost of living, but also with the systems that allow it to persist. 'A lot of the people making the decisions for us are wealthy, don't know what it's like to work two jobs, don't know what it's like to have to pay for gas with quarters,' she said. 'If they knew a little bit about the average person who is fighting every day to make ends meet, I think that maybe they would make decisions that were actually helpful for the average person.' She represents a disillusionment of younger working-age people with the American dream — a concept once defined by upward mobility, homeownership and economic security. More than half of U.S. adults under 50, feel the dream is no longer possible — or was never possible. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Miami Herald
19 hours ago
- Miami Herald
Fed official sends shocking message on interest rate cuts
Your wallet is swooning. So are those hopes of lower mortgage payments and higher returns on your retirement savings. Don't miss the move: Subscribe to TheStreet's free daily newsletter That's because a Federal Reserve Board official flipped the script on interest rate cuts today. Related: Fed's Powell sent a blunt message on interest rates this week The unexpected move comes less than 48 hours after the Fed issued a "wait-and-see" hold to keep interest rates steady in June for the sixth month in a row. Bloomberg/Getty Images The central bank opted to keep the Federal Funds Rate at 4.25%-4.50% at its June meeting this week. Fed Chair Jerome Powell said the expected risk of tariff inflation on the economy, while likely short-term, led to the "wait-and-see" decision. President Donald Trump's proposed tariffs – essentially an external sales tax to U.S. trading partners that you and I pay one way or another – face a July 9 deadline. Related: Forget tariffs, Fed interest rate cuts may hinge on another problem The overall economy is "solid,'' but the uncertainty over tariff inflation is driven by the lagging impact of the tariffs on prices for manufacturers, retailers and consumers, Powell said. The Fed's dual mandate: prudent monetary policy that keeps prices and jobs relatively low to avoid plunging the U.S. economy into a recession or worse. Both the May Consumer Price Index and jobs reports came in cooler than economists expected. The Federal Open Meeting Committee controls the Federal Funds Rate, which banks charge each other overnight to borrow money. The funds rate is tied to the cost of borrowing money for consumers, investors and businesses. Then May housing starts (down 9.8%) and retail spending (down 9 %) came in with surprise dips, possible indicators of the aforementioned tariff inflation. The FOMC said that, on July 19, it would keep the Federal Funds Rate at 4.25% to 4.50% for June. Data over the next few months will indicate if the Fed will decide on two or fewer rate cuts in 2025, portfolio manager Chris Versace said in a TheStreet Pro post after the FOMC released its quarterly "dot plot." The Fed continues "to telegraph that two 25-basis point rate cuts remain on the table for this year,'' Versace wrote. Based on pre-tariff data, the last quarterly dot plot in March projected two 0.25-percentage-point rate cuts this year, two more 0.25 points in 2026, and one 0.25 point in 2027. Fed and market watchers forecast the next probable rate cut could appear at the September FOMC meeting. Fed Governor Christopher Waller blasted the dots out of that plot today. Economic projections indicate a cut could come as early as next month, Waller said in a CNBC interview. More Federal Reserve: Fed interest rate cut decision resets forecasts for the rest of this yearFederal Reserve prepares strong message on long-term interest ratesFed official revamps interest-rate cut forecast for this year "We can do this as early as July,'' Waller said, adding that the current economic data "has been fine." He dismissed the impact of tariff inflation: "I don't think it's going to be very big." If tariff inflation does prove to rattle the jobs market, Waller said the Fed could pause the process. TheStreet Pro's Versace called Waller's remarks "fascinating." This was sooner than the market expected in September, Versace said in a video after Waller's remarks. The Fed last cut the Federal Funds Rate in December 2024. It meets again July 29-30, 2025. Related: Fed official revamps interest-rate cut forecast for rest of this year The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
