Minimum wage workers in Florida must work nearly 100 hours a week to afford housing: report

Video above: Florida property insurance concerns

TAMPA, Fla. (WFLA) — 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 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.

As the cost of living and housing has surged across the country, a new report from Zillow shows a struggle for aspiring homeowners in Florida, especially Tampa.

According to Zillow, someone making an annual income of $382,802 would need to save up for 16.6 years to afford today’s average down payment in the Tampa area, which is $181,195.