This is how many hours per week you need to work to afford rent in Florida

As the cost of rent continues to skyrocket across the country, a new report is shedding some light on just how unaffordable it can be to live in the Sunshine State.

The National Low Income Housing Coalition (NLIHC) released its 2022 "Out of Reach" report that breaks 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 make at least $26.38 per hour to be able to afford a 2-bedroom rental home, according to the report. That number is an increase of $1.56 an hour from last year's report.

At the state's minimum wage of $10 per hour, that means they need to work at least 2.6 full-time jobs. The increase from the 2021 report is a testament to the well-documented rising rent prices in the state and beyond.

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It further details how much someone needs to work in order to afford a basic roof over their heads based on the Fair Market Rent ($1,372 for a 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

"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," researchers wrote.

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However, the average renter in Florida earns $20.55 an hour, or $42,744 annually, according to the report – more than $12,000 less than what the authors of the study say is needed to be able to afford a rental home.

The most expensive place in Florida to live in is Monroe County in the Florida Keys, where residents would have to work nearly 3.5 full-time, minimum wage jobs in order to afford a 2-bedroom rental. Miami-Dade County comes next, followed by Collier County, Palm Beach County, and Broward County.

Overall, Florida ranked as the 12th most-expensive state in the country based on the fair-market cost for a two-bedroom rental home.

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Top 15 most expensive states/territories:

  1. Hawaii
  2. California
  3. Massachusetts
  4. New York
  5. Washington, D.C.
  6. Washington
  7. New Jersey
  8. Colorado
  9. Maryland
  10. Connecticut
  11. Oregon
  12. Florida
  13. New Hampshire
  14. Virginia
  15. Rhode Island

LINK: To read the NLIHC's full "Out of Reach" report, click here