This is the living wage needed for a family of four in Florida

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Published  December 20, 2024 4:26pm EST
FOX 35 Orlando
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The Brief

    • The average household in the United States spends $61,334 a year on expenses, according to the World Population Review.
    • A new study by GoBankingRates surveyed annual living expenses for a family of four across the U.S. with data from the 2023 Consumer Expenditure Survey.
    • Florida ranked the 18th-least affordable state in the U.S. for a family of four.

ORLANDO, Fla. - The cost of living continues to rise across the U.S. — and that rings true in some states more than others. 

Just how expensive is it? 

If you're raising a family of four in 2024, you'll need a minimum of $100,000 in 26 U.S. states — that's more than half of America — to be financially secure, according to a new survey by GOBankingRates.

For the rankings, GOBankingRates surveyed annual living expenses for a family of four across the U.S. with data from the 2023 Consumer Expenditure Survey, and for a married couple with children from the Bureau of Labor Statistics. "Living wage" is defined as the income required to cover 50% necessities, 30% discretionary spending and 20% for savings. Using the 50-30-20 budget rule, the study doubled the total annual expenditure on necessities to determine the "living wage" for a family of four in each state. 

What is the living wage needed for a family of four in Florida?

According to the study, a family of four in Florida needs a living wage of $112,401, making the Sunshine State the 18th least affordable state in the U.S. The annual cost of housing was estimated at $23,637, with the annual cost of groceries around $10,069. The annual cost of healthcare was around $7,350, according to the study. 

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Among the least affordable states, Hawaii took the top spot with a whopping living wage of $259,918, followed by Massachusetts at $199,671, California at #3 with $188,269, and New York at #4 with a $155,738 living wage. Alaska rounds out the top five with a living wage of $136,990. 

By comparison, the most affordable state in terms of living wage is West Virginia ($82,338). 

To see the full study of how much living wages are in the U.S., tap or click here.

The Source: This story was reported with information from GOBankingRates.