ST. PETERSBURG, Fla. — With recent reports that Florida is the least affordable state in the country, you may be wondering just how much money you actually need to make in order to make a living wage in the Sunshine State.
As high inflation fuels the prices of food and other groceries going up, along with skyrocketing rent and housing and record-setting gas prices, many of us are feeling the strain on our wallets.
Overall, the cost of living has continued to rise and it's getting harder to tell just how much you need in your paycheck in order to get by.
Last year, we told you about MIT's Living Wage Calculator, which provides an estimate of what people in Florida need to make in order to cover basic living expenses such as housing, food, insurance and other essentials.
And, every year, the wage calculator gets an update, which just happened this past week.
In 2021, MIT said the average single person needed to make a minimum of $30,825 a year before taxes in order to make a livable wage. Now, that same statewide average has jumped to $35,858.
If you break that down hourly, means that the average single person should be making at least $17.24/hour. The current minimum wage in Florida is $10.
And it all goes up from there if you have a family. In fact, the average amount people need to make compared to last year jumped anywhere from $5,000 to more than $10,000, depending on your family size. You can compare those averages here.
Here's how the state average breaks down, according to the calculator:
- Single person: $35,858 or $17.24/hr
- Single adult, 1 child: $70,504 or $33.90/hr
- Single adult, 2 children: $87,374 or $42.01/hr
- Single adult, 3 children: $115,045 or $55.31/hr
- Two adults (single-income): $54,711 or $26.30/hr
- Two adults, 1 child (single-income): $66,853 or $32.14/hr
- Two adults, 2 children (single-income): $77,475 or $37.25/hr
- Two adults, 3 children (single-income): $85,748 or $41.22/hr
- Two adults (both working): $54,711 or $13.15/hr
- Two adults, 1 child (double-income): $77,246 or $18.57/hr
- Two adults, 2 children (double-income): $98,260 or $23.62/hr
- Two adults, 3 children (double-income): $116,925 or $28.11/hr
But those are just the state averages. Here in the Tampa Bay area, those numbers vary.
For example, if you're single and you live in Citrus County, the calculator says you need at least $31,866 per year. Whereas, in Pinellas County, a single person needs to make a minimum of $36,846 yearly.
Find the full breakdown of each Tampa Bay county, including the average cost of typical expenses here: