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.
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.
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.
Top 15 most expensive states/territories:
- New York
- Washington, D.C.
- New Jersey
- New Hampshire
- Rhode Island
LINK: To read the NLIHC's full "Out of Reach" report, click here.