These States Are Raising Their Minimum Wage in 2024. Is Yours on the List?

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Rising wages are a good thing. Read on to see which states are raising theirs. 

The federal minimum wage is currently $7.25 per hour. And unfortunately, it’s been stuck at that level since 2009.

Now, think about the way inflation has driven up the cost of everyday expenses like groceries and gas, utilities, and housing over the past 14 years. Imagine not being eligible for a pay increase to keep up with rising bills.

Unfortunately, that’s the reality a lot of minimum wage earners are facing. The good news, though, is that several states not only have a higher minimum wage than $7.25 an hour, but are raising their minimum wage in 2024. So if you live in one of the following states, you may be in for some relief in the new year.

States that are raising wages

The following is a list of states whose minimum wages are rising in 2024 effective Jan. 1 (unless otherwise noted):

Alaska: $11.73, up from $10.85Arizona: $14.35, up from $13.8California: $16, up from $15.50Colorado: $14.42 (proposed), up from $13.65Connecticut: $15.69, up from $15Delaware: $13.25, up from $11.75Florida: $13, up from $12, to take effect on Sept. 30Hawaii: $14, up from $12Illinois: $14, up from $13Maine: $14.15, up from $13.80Maryland: $15, up from $13.25 for large employers and $12.80 for small employersMichigan: $10.33, up from $10.10Minnesota: $10.85 for large employers, up from $10.59; $8.85, up from $8.63 for othersMissouri: $12.30, up from $12Montana: $10.30, up from $9.95Nebraska: $12, up from $10.50Nevada: $12, up from $10.25 or $11.25 (depending on health benefits), to take effect July 1, 2024New Jersey: $15.13, up from $14.13New York: $15, up from $14.20 (except in New York City, Westchester and Long Island, where it’s $16, up from $15)Ohio: $10.45, up from $10.10Oregon: the $14.20 minimum wage will adjust for inflation on July 1Rhode Island: $14, up from $13South Dakota: $11.20Vermont: $13.67, up from $13.18Washington: $16.28, up from $15.74

In addition, Washington, D.C. has a $17 minimum wage that will adjust for inflation on July 1.

How to find a job that pays above minimum wage

It may be that the minimum wage is rising where you live. But while a modest bump in pay might give you a bit more breathing room, it may not help you pad your savings account and meet your long-term financial goals, like building a retirement nest egg or eventually buying a home. So if you’re eager to get a job that pays beyond the minimum wage, consider the following moves:

Look into free classes that could boost your job skills. You may find some offered at a local library or community center.Network your way into a better job. Talk to friends, neighbors, and former colleagues who have moved on to higher-paying roles and see if anyone can help you get your foot in the door.Try negotiating with your current employer. There may be wiggle room to pay you a higher wage if you’re an outstanding employee with a solid track record. And if that doesn’t work, try to negotiate your way to a higher position that might come with better pay.

You can also specifically try to apply to companies that are known to pay above the minimum wage. Target, for example, announced it would be raising its minimum wage to as much as $24 per hour last year. And as of that announcement, its starting wage was $15.

Meanwhile, you may be surprised to learn that the typical Costco store employee earns close to $26 per hour. So it’s worth dusting off your resume and seeing what other jobs are out there.

All told, it’s extremely difficult to manage expenses if you’re only earning minimum wage. It’s a good thing that multiple states are raising that number in 2024, but you may want to take steps to better your financial picture even in light of that.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has positions in Target. The Motley Fool has positions in and recommends Costco Wholesale and Target. The Motley Fool has a disclosure policy.

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