ORLANDO, Fla. - With the cost of rent skyrocketing in the state of Florida, it should come as no surprise that the Central Florida area has the most severe affordable housing crisis in the country.
A new report shows that Florida is the 12th most expensive state for renters.
The National Low Income Housing Coalition has published a report showing what a person needs to make per hour in the state of Florida to be able to afford a two-bedroom apartment.
Overall, it's recommended that Floridians should earn at least $24.43 per hour. That's to afford the state's Fair Market Rent for a two-bedroom apartment or rental property, which is about $1,270.
"In order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $4,234 monthly or $50,807 annually," the report states. This is assuming a 40-hour work week, 52 weeks a year.
According to the report, 35% of Florida households, 2,667,159, are renters. The average hourly wage for Floridians who rent their residence is $17.28. Florida’s minimum wage is $8.56.
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The report also states that in order for someone making minimum wage to afford a 1-bedroom rental, they would need to work 92 hours per week.
When it comes to individual markets, some residents need to earn a lot more than $24.43 an hour. For instance, in Monroe County, the average renter must earn $33.23 to afford their 2-bedroom residence.
Although it's a little lower than the state average, residents in the Orlando-Kissimmee-Sanford area need to be earning $24.00 an hour at a full-time job in order to afford a two-bedroom apartment.
The most expensive state to live in is Hawaii where the recommended hourly wage is $38.76 followed by California at $36.96.
You can read the full report HERE.
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July 19, 2020 at 08:24AM
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Floridians need to earn $24.43 an hour to afford rent, report shows - FOX 35 Orlando
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