As of Tuesday, Floridians were paying an average of $4.32 for a gallon of gas. That's 88 cents higher than a month ago according to AAA. Despite those high gas prices, commuting is up 25% this year according to new data from the research firm Inrix.
Commuting to the office paired with high gas prices is going to cost the families to spend another $1,300 dollars a year. That’s roughly one percent of the average household budget according to a study by Moody’s analytics.
“From an overall standpoint Florida is less impacted than other states because Floridians don’t tend to drive long distances to work,” said Mark Vitner, Senior economist at Wells Fargo. “Now in Tallahassee that may not be as true because there are a lot of very affordable areas just outside of the metro area.”
Vitner also says he doesn't think the high gas prices will stop families from coming to Florida for vacation. He says they'll still make the trip, but they're more likely to not spend as much at restaurants or on souvenirs.