TAMPA, Fla. - With the cost of rent rising to historic levels in the state of Florida, a new report breaks down what residents need to earn per hour in order to comfortably afford a 2-bedroom apartment.
The "2021 Out of Reach" report published by the National Low Income Housing Coalition shows what a person needs to make per hour to be able to afford a two-bedroom apartment without paying more than 30% of their income.
Overall, it's recommended that Floridians should earn at least $24.82 per hour. That's to afford the state's Fair Market Rent for a two-bedroom apartment, which is about $1,290.
"In order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $4,302 monthly or $51,619 annually," the report states.
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However, when it comes to individual markets, some residents need to earn a lot more.
The Out of Reach report states that residents living in several Florida counties need to make over the state's $25 an hour average to be able to afford rent. The most expensive counties in the state are Monroe ($33.54), Miami-Dade ($29.83), Broward ($29.04), Palm Beach ($28.23), and Collier ($26.46).
Meanwhile, the Tampa Bay area appears more in line with the state average.
Residents in the Tampa-St. Petersburg-Clearwater area need to be earning $24.44 at a full-time job in order to afford a two-bedroom apartment, while those in the North-Port-Sarasota-Bradenton area must earn slightly higher: $24.52 an hour.
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However, residents in the Lakeland-Winter Haven area need to earn lower than the state average, coming in at $19.67 an hour, to afford a two-bedroom home to rent.
The most expensive state to live in is California where the recommended hourly wage is $39.03.
If the numbers seem daunting, you could always move to Arkansas: their overall recommendation is $14.60 an hour.
You can read the full report by clicking here.
Fox 35 Orlando contributed to this report.
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July 17, 2021 at 12:47AM
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