INCOMING HOT TAKE - YOU HAVE BEEN WARNED.
The federal minimum wage should be set to equal the following:
[MinWage = (R x 3)/H/W]
Where:
R = Average Rent of 1BR Studio Apt
H = Federally Defined Full-time Hours (40)
W = Average Weeks per Month (4)
Why?
Because landlords require you to show that you earn 3 times the rent before they will even consider your rental application. This formula would ensure that anyone working a full-time job (or two part-time jobs) could afford to pay rent in the smallest possible sized apartment.
In my area, the average rent is $1,400 for a studio/efficiency apartment.
[(1400x3)/40/4 = $28.13/hr.]