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.
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This is SmartAsset’s second study on which cities have the highest and lowest real minimum wage. You can read the 2022 edition here.
Key Findings
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. Despite experiencing the 22nd-highest cost of living, Denver minimum wage workers get more bang for their buck. The city takes the No. 1...
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