I'm transitioning to a career in Tech, and some research suggests salaries for an IT specialist are roughly $55,000 in New York City, which is where I'm from. $55,000 a year will not get you a studio in the Bronx or a comfortable living. According to MIT, the living wage is above that. Furthermore, the standard retail and fast food wage is now $20/hr ($40K/yr). So, why would people jump over hoops to get a job that marginally pays more than low-skilled labor when it is still below a living wage?
A living wage is the minimum income necessary for basic living, excluding savings, retirement, luxury items, or debt payments. The barest of bare minimums needed to survive.
Living costs in the Tri-state area have gotten so ridiculous that living alone is almost impossible with the salaries paid to professionals. This makes me feel bad since living alone is my only option for public housing. I struggle daily to wrap my head around how individuals survive when the cost of living is above the median income. Are we all just subsidized by the government, which allows these companies to keep exploiting us?