This Is How Much You Need To Make Per Hour To Afford Rent In Florida
We all know the cost of living in Florida keeps going up and this is how much you need to make per hour to afford rent in Florida.
Living in the Sunshine State hasn’t always been expensive, and there are parts of the state that are very affordable. Even here in Southwest Florida, some areas are pricier than others. But times they are a changing. And whether you’re looking to buy or rent, prices just aren’t what they used to be. When I first moved to Fort Myers, I considered my rent to be very low for where I live. A huge living space in a beautiful community only about 8 minutes from the beach. And while I know that many neighborhoods are more expensive than mine, my rent has gone up over $300/month since I moved here in 2019, which is pretty significant. But I absolutely love it here and I’ve heard of some people’s rent doubling, so the increase could be way worse.
This Is How Much You Need To Make Per Hour To Afford Rent In Florida
If you’re looking to rent here in Florida, you may wonder how much you need to make to afford it. A new report came out from the National Low Income Housing Coalition that looked at how much you need to make per hour to afford a 2-bedroom home in each state in the country. They came up with these numbers based on the fair-market rate and assumed that the renter would spend 30% of their monthly income on rent. Of course, some people choose to spend way more.
Florida came in at #11 of all 50 states. The average rent for a 2-bedroom home is $1,591 (remember this is across this entire state, not just here in SWFL). That means to afford the rent, you would have to make a minimum of $30.59 per hour. If you were working at minimum wage, $11, you would have to work 111 hours per week to afford the rent.
If you think that’s high, in California, the state that came in at #1, you’d need to make $42.25/hour to afford rent. The least expensive state to live in is Arkansas. The average cost of rent is $846 for a 2-bedroom home, so you would only need to make $16.27/hour.
To read the full report and state-by-state breakdown, click here