100-Hour Work Week Needed for Florida Housing
The National Low Income Housing Coalition said Florida’s minimum wage workers currently need to work nearly 100 hours a week to afford a one-bedroom.
TAMPA, Fla. – Finding affordable housing in Florida seems to be a near-impossible task, and for those working for minimum wage, it may feel like a never-ending struggle.
A new report from the National Low Income Housing Coalition (NLIHC) found the Sunshine State is among the top 10 states that require a higher hourly wage to afford housing. So if you feel like your buck isn't stretching when it comes to finding a home, you're not alone.
The report shows that minimum-wage workers aren't making enough to afford the cost of living in Florida. While the state's minimum wage is $12 an hour, the report said renters would need to make nearly triple that to afford a two-bedroom home.
According to the NLIHC, the fair market rent for a two-bedroom is $1,833 a month. A renter would need to make about $36 an hour to afford it.
A one-bedroom is a little cheaper, sitting at a fair market rent of $1,525 a month, but still, a renter would need to make $29.33 an hour, which is significantly above the minimum wage threshold.
Additionally, the NLIHC stated that someone making Florida's minimum wage would need to work 98 hours a week to afford a one-bedroom, and 117 hours a week for a two-bedroom.
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