This is how many hours per week you need to work to afford rent in Florida
TAMPA, Fla. - 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 NLIHC. 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 a person needs 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 Florida and beyond.
RELATED: Tampa named one of the housing markets most susceptible to downturn in a recession
It further details how much someone needs to work in order to afford a basic roof over their heads based on what the coalition determines is the state's 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.
RELATED: How can renters be protected? Hillsborough, Pinellas take a closer look at tenants' rights
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.
RELATED: This is how much money you need to make to be happy living in Florida, study finds
Top 15 most expensive states/territories:
- New York
- Washington, D.C.
- New Jersey
- New Hampshire
- Rhode Island
To read the NLIHC's full "Out of Reach" report, click here.