EL PASO, Texas (KTSM) — El Paso is often recognized for its low cost-of-living but many minimum wage workers struggle to maintain a healthy budget.
A new report looked at the best and worst cities across the U.S. for workers who earn $15 dollars an hour and found El Paso is one of the best cities in the country for a single person earning at least that much per hour, which is often considered minimum wage in other parts of the country.
El Paso’s minimum wage continues to linger at $7.25 per hour.
The study examined factors of basic budgeting for minimum wage earners that include tax deductions, rent, utilities, food and transportation. The expenses were compared against the standard 50/30/20 budget rule.
The rule was popularized by Sen. Elizabeth Warren and divides after-tax income and allocates spending as follows:
- 50 percent on needs
- 30 percent on wants
- 20 percent on savings
The analysis found that a $15 minimum wage only does so much when it comes to alleviating the financial burden faced by many renters across the country.
Only 12 cities included in the study had median rent costs below 35 percent of a $2,400 monthly salary.
You can check out how El Paso stacks up below: