Here’s the Living Wage a Single Person Needs To Live Comfortably in Florida
According to U-Haul’s latest Growth Index, which tracks each state’s net gain or loss of one-way equipment from customer transactions in a calendar year, Texas is the No. 1 growth state in the country.
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However, Florida had almost as many incoming moves — and has ranked right behind Texas for the third year in a row. Further, Florida has been a top-four growth state for nine years in a row. U-Haul migration trends aren’t on the same wavelength as official population or economic growth stats, but they are an effective tool to use for how well states are attracting and maintaining residents.
For many reasons, Florida is nothing if not attractive. As online bank and personal finance company SoFi noted, the state has no income tax, average property taxes and lower corporate and sales taxes than most states. However, it’s one of the fastest-growing states in the U.S. and it isn’t cheap in all respects. Florida ranks 29th in cost of living in America, according to the Missouri Economic Research Information Center (MERIC).
If you’re thinking of moving to the Sunshine State for a new job opportunity or to get more bang for your buck, your decision will ultimately be based upon the cost of living in Florida and whether you can afford to live there.
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What Living Wage Do You Need To Earn To Live Comfortably in Florida?
The living wage required for a single person to live comfortably in Florida can vary depending on factors such as location within the state, individual lifestyle choices and specific needs. There are estimate calculators that provide what you need to make to afford basic expenses such as housing, food, transportation, healthcare and other necessities, while also factoring in taxes and savings.
MIT’s Living Wage calculations are based on the hourly wage that an individual has to make to support themselves, working full-time (2080 hours/year). The living wage estimate for a single person with no children living in Florida is $22.43. For reference, the poverty wage is $7.24 and Florida’s minimum wage is $12.
A single person with no children living in Florida needs to make an annual income of $46,645 before taxes to cover necessities like groceries, a rental, health care and transportation, per MIT calculations.
However, if you want to live comfortably, with extra money available for discretionary spending and saving, you’ll have to double that income to $93,290 if you’re using the 50/30/20 rule for budgeting, which allocates 50% of your money to needs, 30% to wants and 20% to savings.
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This article originally appeared on GOBankingRates.com: Here’s the Living Wage a Single Person Needs To Live Comfortably in Florida
