Central Florida residents need to earn at least $22.88 an hour to afford rent, report says
ORLANDO, Fla. (FOX 35 ORLANDO) - With the cost of rent skyrocketing in the state of Florida, it should come as no surprise that the Central Florida area has the most severe affordable housing crisis in the country.
A new report suggests what could be contributing to that.
RELATED: Study: Rents are rising faster than incomes
The National Low Income Housing Coalition has published a report showing what a person needs to make per hour in the state of Florida 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 $22.86 per hour. That's to afford the state's Fair Market Rent for a two-bedroom apartment, which is about $1,189.
"In order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $3,962 monthly or $47,542 annually," the report states.
However, when it comes to individual markets, some residents need to earn a lot more.
The National Low Income Housing Coalition report states that residents living in several Florida counties need to make over $25 an hour to afford rent. Those counties include Collier ($25.52), Palm Beach ($27.58), Broward ($27.77), Miami-Dade ($27.97), and Monroe ($31.54).
Although it's right on par with the overall state recommended salary, residents in the Orlando-Kissimmee-Sanford area need to be earning $22.88 at a full-time job in order to afford a two-bedroom apartment.
The most expensive state to live in is Hawaii where the recommended hourly wage is $36.82.
If the numbers scare you, you could always move to Arkansas: their overall recommendation is $14.26 an hour.
You can read the full report HERE.