WEST PALM BEACH, Fla. — A new study released this month reveals the high hourly wage needed to afford rent in Florida.
According to a report from the National Low Income Housing Coalition, Florida ranks 10th highest in the nation for the hourly wage renters need to afford a two-bedroom apartment at $37.93.
WATCH BELOW: Florida ranks 10th highest nationally for rental wage requirements, study says
"In order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $6,575 monthly or $78,905 annually," the report said.
In West Palm Beach-Boca Raton, that figure is even higher, with renters needing $43.35 an hour.
"Even workers with the nation's most common occupations struggle to afford modestly priced housing," the report stated.
According to Apartments.com, the average rent for a two-bedroom apartment in West Palm Beach is $2,426 – $2,606 per month, and overall rents in the area run about 29% higher than the national average.
The National Low Income Housing Coalition study said the most expensive area for Florida renters is in Monroe County (Florida Keys), which costs an hourly wage of $48.15, with Miami coming in second most expensive at $46.85.
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