ORLANDO, Fla. - As rent continues to skyrocket in Florida, a new report sheds some light on just how unaffordable the Sunshine State really is.
The National Low Income Housing Coalition (NLIHC) released its "Out of Reach" report breaking down how many hours someone needs to work in order to afford a 1 or 2-bedroom rented apartment in their state. In Florida, a resident needs to work at least 2.6 full time jobs at the state’s minimum wage (which is $10 per hour) to be able to afford a 2-bedroom rental home, the report states.
The report goes into further details about how much someone needs to afford a basic roof over their heads based on the Fair Market Rent ($1,372 for 2-bedroom):
- 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
According to the "Out of Reach" report, the Fair Market Rent for a 2-bedroom in Florida is $1,372.
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"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. To afford the necessities, the report says you should earn $26.38 per hour.
The amount you need to earn also depends on where in Florida you live. For example, if you live in the Orlando-Kissimmee-Sanford area, you would need 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
The most expensive county in Florida to live in is Monroe County (Key West) where you would have to work almost 3 ½ full-time jobs at minimum wage to afford a 2-bedroom living space, NLIHC reports, followed by Miami and Naples.
You can read the full report HERE.