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Study: Florida ranked as one of America's least affordable states

for rent
Posted at 12:52 PM, Sep 25, 2019

(WTXL) — Florida is one of the least affordable states to live in the entire country, according to a new study by Joblist.com.

The study compared living wage data for each state vs. the cost of living in that state. According to the findings, Florida ranks low when it comes to being a place where it pays to work.

"As one of the richest nations in the world, American households typically have more disposable income than the average country included in the Organisation for Economic Co-operation and Development (OECD) Better Life Index," the study says. "But even so, Americans face some of the highest poverty rates among other developed nations as income inequality widens."

The Sunshine State ranked 26 spots lower for the average true wage compared to cost of living. Purchasing power does not exceed the living wage in Florida, and the average living wage is $52,206.

"Our results suggest that many states in the Midwestern and Southern regions of the U.S. have wages that are worse than the average cost of living, such as Tennessee, Montana, West Virginia, Texas, Georgia, and Idaho. When further comparing wages to the cost of living, Florida, New York, and Delaware are the least affordable states."

According to a report from The National Low Income Housing Coalition, it's recommended that Floridians earn at least $22.86 per hour to afford the state's Fair Market Rent for a two-bedroom apartment, which is around $1,189.

To reach that ideal income, however, the average Floridian earning minimum wage would need to have 2.7 full-time jobs to afford a two-bedroom apartment.

In Georgia, the financial outlook is a little better, with the reports recommendation that Georgians earn at least $18.42 an hour to afford a two-bedroom apartment priced around $958. Still, a Peach State resident earning minimum wage would have to hold down two and a half jobs to afford it.

Want to get the best bang for your buck? Joblist says you should move to Michigan, Wyoming, and Oklahoma, who the study ranked as the most affordable states.

You can read the full Joblist study here.