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5 cities where minimum wage goes furthest—and where it falls short

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Despite persistent inflation, the federal minimum wage remains $7.25 per hour. More than 13 years have passed since Congress last raised the federal minimum wage in 2009, the longest such stretch in American history. While many cities, counties and states across the nation enforce their own minimum wage well above the federal minimum, the cost of living in each can greatly impact just how far those wages can go.

To get a clearer picture of where minimum wage goes the furthest, SmartAsset ranked 79 of the largest U.S. cities based on how much the minimum wage (as of Jan. 1, 2023) is worth after adjusting for the cost of living in each city.

This is SmartAsset’s second study on which cities have the highest and lowest real minimum wage. You can read the 2022 edition here.

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Key Findings

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• Minimum wage goes furthest in Denver. After a January 2023 increase, the Colorado capital now has a minimum wage of $17.29 per hour, which ranks second-highest study-wide. However, residents in this city are getting the biggest bang for their buck. The city takes the No. 1 spot for the highest minimum real minimum wage, despite experiencing the 22nd-highest cost of living.
• Minimum wage workers in Seattle earn the most. No city in our study has a higher statutory minimum wage than Seattle, where minimum wage...

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