Yeah that’s pretty much what Dube recommends

I propose that state and local governments gauge their minimum wage to half the local-area median wage. In addition, I propose that states consider the local cost of living when establishing a minimum wage, and that the statutory minimum wage be automatically indexed to inflation to protect against real declines in the wage floor. Finally, I propose that local governments engage in regional wage setting to protect against the unintended consequences of raising the minimum wage.