Living Comfortably In Florida Requires Earnings Of Over 200K Per Year For A Family Of 4, Per Study

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The idea of "living comfortably" will vary depending on who you ask. Some people prefer to live quite simply, while others enjoy life's little luxuries. Still, it is prudent that one's living expenses do not approach one's income. A new study reveals just how much it takes to "live comfortably" in the Sunshine State for both single persons and families. And that income far exceeds Florida's median household income.

The Study And What It Measured: In April of 2024, the website SmartAsset rated each state in the nation based on how much one would need to live "comfortably" there. To do so, it used the formula of spending 50% of your income on basic needs like food and housing, 30% of your income on things you might want for comfort and joy, and 20% on debt and savings.

How Did Florida Fare?: Floridians who have seen housing, insurance, and food costs rise will probably not be surprised to know that the study found that a single person living in Florida would need to earn $93,309 or $44.86 to "live comfortably" using the formula in the study's methodology. A family with two adults and two children would need $209,082.

How Do These Figures Compare To Florida's Median Incomes?: According to Florida Health Charts using Census data, the median household income in Florida in 2022 (the last year available) was $67,917.00. This is substantially less than the amount SmartAsset found necessary to live comfortably for both singles and families.

An early 2024 HUD housing report found that Florida had the third-largest increase of unhoused people in the nation in 2023. And some Florida food banks have reported seeing increased demand.