How much money do you need to earn per year to live comfortably in Florida in 2024?
Florida ranks as the one of the fastest growing state in attracting and retaining residents. But the cost of living is higher than most other states.
Florida has consolidated its position as one of the most attractive states to live in according to many factors besides the generally pleasant weather. The state has no income tax as well as its property and sales taxes are lower compared to other states.
Despite its rapid growth, one of the fastest in gaining new inhabitants, living in Florida is not so cheap. The state ranks 29th for cost of living according to a study by the Center for Economic Information and Research of Missouri.
To consider how much income is needed to live in Florida several aspects must be taken into account, the cost of living is not the same for a single person as for a family. There are other factors that cannot be ignored, for example, taking into account essential expenses, the desire to save or enjoy certain luxuries and comforts.
How much money do you need to earn per year to live comfortably in Florida in 2024?
Taking into account the different factors to consider for each lifestyle, we must take into account the location of the home within the state, lifestyle options, food, transportation, medical care, etc.
The Massachusetts Institute of Technology (MIT) calculated the hourly wage that a single person without children needs to reside in Florida, resulting in an estimate of $22.43. That is almost double the state’s minimum wage, which is currently 12 dollars, but it will be raised to $13 on 30 September 2024.
Therefore, the annual income required is estimated at $46,645 before taxes to cover basic needs for a single person without children. A family of four, with both parents working, will require each parent to earn $25.13 per hour or about $104,540 combined per year.
If you want to save or have other expenses extra to those that cover basic needs, the calculation will have to be doubled in income of around $94,290 as a single person, or over $209,000 for a family of four. This is under the 50/30/20 rule, which allocates half of income to basic needs, 30 percent to non-essentials and 20% to savings.