Florida Has Become The US’ Least Affordable State & Here’s The Salary You Need To Live Here
It’s not all sunshine in Florida.
Miami streets.
Inflation is hitting the United States pretty hard, but The Sunshine State is taking a huge hit in particular, making it the least affordable state in the whole country, according to CBS.
The cost of living in Florida is skyrocketing, with the price of gas, food, and housing steadily on the rise.
Data from Realtor reflects that housing prices in major cities like Miami are comparable to the average cost of rent in hubs like New York City, Los Angeles, and San Francisco.
However, the average household income hasn't caught up yet to other major cities', making a comfortable living less attainable for some Florida residents.
Florida has become a popular destination for out of state workers looking to move away from other big cities in the U.S.
A study by Redfin shows Miami as the number one most popular migration destination for those looking to relocate, followed by Tampa, FL at third, Cape Coral, FL at sixth, and North Port, FL at seventh.
\u201cflorida so expensive, i never looked at price tags more in my life \ud83d\ude2d\u201d— jake parks (@jake parks) 1653415405
As of 2022, the state's minimum wage is set at $10/hour but studies suggest residents will need almost double that in order to afford a comfortable living.
Though prices vary by city, data from MIT's living wage calculator shows a single adult with no children needs to earn on average at least $17.24 an hour, or $35,858 to support themself in the state.
Of course for families, the minimum salary is higher depending on the amount of dependents in your household, and if both parents are able to work.
On average, two adults with two children living off a single income can be expected to bring in around $77,475/year in order to cover living expenses.
These inflated prices directly affect Florida residents. A study by QuoteWizard suggests that 45% of residents experience "slight to moderate difficulty" meeting household expensive, and 22% are "having a very difficult time."
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