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New report shows how much you have to make in South Florida to afford rent

Many parts of South Florida higher than state average
Posted at 6:33 AM, Jul 17, 2020
and last updated 2020-07-17 09:30:44-04

A new report shows just how difficult it is to make ends meet in South Florida.

It details how much money you need to make to afford a two-bedroom home and, in parts of South Florida, it is even higher than the state average.

Florida is 12th highest in the country for the amount of money you need to make to afford a two bedroom home.

The West Palm Beach-Boca Raton metro area is one of the most expensive in the state.

While the data was compiled before the coronavirus pandemic, it explains the impact is only making it tougher on people to pay bills and get by.

Florida currently has a moratorium on evictions and foreclosures to help people struggling during the pandemic. That is set to expire Aug. 1.

The Low Income Housing Coalition just released "Out of Reach: The High Cost of Housing." It compares rents and wages nationally and in every state and county.

It shows that even before COVID-19 hit the U.S., millions of workers were struggling to pay their rent.

According to the report, Floridians need to earn $24.43 an hour to afford a two-bedroom home comfortably, without spending more than 30% of income.

In the West Palm Beach-Boca Raton metro area, that hourly wage needed goes up by more $4 to $28.96, but the report said the estimated average hourly wage for renters in the area is $18.97.

On the Treasure Coast, that amount you need to earn falls below the state average to $23.21 for the Port St. Lucie area.

The most expensive in the state is the Florida Keys in Monroe County, where you need to earn $33.23 an hour. Miami-Dade and Broward counties are second and third highest in the state, with Palm Beach County coming in fourth.