Neighborhood in Florida with Palm Trees – Courtesy: Shutterstock – Image by scarp577
A recent study provides some insight into how unaffordable the Sunshine State actually is as rent in Florida continues to rise rapidly.
In its “Out of Reach” report, the National Low Income Housing Coalition (NLIHC) breaks down how many hours a person must work in their state in order to afford a 1- or 2-bedroom rented apartment. According to the study, single Florida residents must hold down at least 2.6 full-time jobs earning the state’s minimum salary of $10 an hour in order to afford a two-bedroom rental property.
According to the Fair Market Rent ($1,372 for a two-bedroom), the following information is provided in further depth in the report:
- 106 work hours per week at minimum wage to afford a 2-bedroom home
- 86 work hours per week at minimum wage to afford a 1-bedroom home
- 2.6: Number of full-time jobs at minimum wage to afford a 2-bedroom home
- 2.2: Number of full-time jobs at minimum wage to afford a 1-bedroom home
The “Out of Reach” report states that the Fair Market Rent in Florida for a two-bedroom apartment is $1,372.
“In order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $4,572 monthly or $54,870 annually,” the report states. The report also says you should earn $26.38 per hour to afford necessities.
Where you live in Florida has an impact on how much money you need to make. If you reside in the Orlando-Kissimmee-Sanford region, for instance, you would have to:
- Earn $27.35 per hour to afford a 2-bedroom apartment, or $56,880 annually
- Work 2.7 full-time jobs at minimum wage to afford a 2-bedroom apartment
According to NLIHC, Monroe County (Key West) is the most expensive county for Florida residents to live in, requiring nearly three and a half full-time jobs at minimum wage in order to purchase a two-bedroom home. Miami and Naples are the next most expensive counties to live in.
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