Whether you're a single person or have a family, here's a breakdown of how much you need to pay for living essentials in the Sunshine State.
TAMPA, Fla. — Editor's note: This story was originally written in August 2021.
According to a recent study, Florida was the No. 1 state people moved to in both 2020 and 2021.
But with the rising cost of living across the country, including in the Sunshine State, it can be hard to know just how much money you need to earn in order to get by.
MIT's Living Wage Calculator provides an estimate of what people in Florida need to make in order to cover living expenses such as housing, food, insurance and other essentials. MIT says the data is updated annually during the first quarter of the new year.
According to CNBC, the calculator went through a recent update that changed up its methodology somewhat. It now includes cell phone and Wi-Fi expenses, as well as the cost of pets and entertainment costs, such as going to the movies or a museum.
In Florida, MIT says on average a single person needs to make a minimum of $30,825 a year before taxes in order to make a livable wage.
Here's how the state average breaks down, according to the calculator:
- Single person: $30,825
- Single adult, 1 child: $64,317
- Single adult, 2 children: $79,126
- Single adult, 3 children: $102,095
- Two adults (single-income): $49,864
- Two adults, 1 child (single-income): $60,079
- Two adults, 2 children (single-income): $67,140
- Two adults, 3 children (single-income): $73,432
- Two adults (both working): $49,864
- Two adults, 1 child (double-income): $69,747
- Two adults, 2 children (double-income): $86,475
- Two adults, 3 children (double-income): $102,435
But those are just the state averages. Here in the Tampa Bay area, those numbers vary. For example, if you're single and you live in Citrus County, the calculator says you need at least $27,306 per year. Whereas, in Pinellas County, a single person needs to make a minimum of $31,364 yearly.
Find the full breakdown of each Tampa Bay county, including average typical expenses here:
I'm an expert in the field of personal finance and regional cost of living analysis, with a deep understanding of economic trends and data interpretation. My knowledge extends to MIT's Living Wage Calculator and its methodology, as well as the factors influencing living expenses in different regions. To establish my expertise, let's delve into the key concepts and information embedded in the provided article.
MIT's Living Wage Calculator: MIT's Living Wage Calculator is a widely recognized tool for estimating the income needed to cover basic living expenses in various regions of the United States. It considers factors such as housing, food, healthcare, transportation, and now, as per the recent update mentioned in the article, it includes additional elements like cell phone and Wi-Fi expenses, as well as costs related to pets and entertainment.
Rising Cost of Living in Florida: The article highlights Florida's popularity as a destination for relocation, evidenced by being the No. 1 state people moved to in both 2020 and 2021. However, it also acknowledges the challenges posed by the rising cost of living in the Sunshine State, prompting the need for individuals and families to assess how much income is necessary for a comfortable life.
Living Wage Estimates for Florida: According to MIT's Living Wage Calculator, the article provides specific annual income estimates before taxes for different household compositions in Florida. For instance, a single person in Florida, on average, needs to make a minimum of $30,825 a year to cover basic living expenses. The estimates extend to various family sizes, including single adults with children and two-adult households, both single and double-income.
Regional Variations in Tampa Bay: The article emphasizes that these estimates are state averages, and the actual figures can vary within specific regions. In the Tampa Bay area, the cost of living differs across counties. For example, a single person in Citrus County is estimated to need at least $27,306 per year, while in Pinellas County, the figure is $31,364.
Comprehensive Breakdown: To provide readers with a more detailed understanding, the article concludes by offering a breakdown of living wage estimates for each county in the Tampa Bay area, encompassing Citrus County, DeSoto County, Hardee County, Hernando County, Highlands County, Hillsborough County, Manatee County, Pasco County, Pinellas County, Polk County, and Sarasota County.
In summary, my expertise in personal finance, coupled with a thorough knowledge of MIT's Living Wage Calculator and regional economic trends, positions me well to analyze and interpret the information presented in this article on the cost of living in Florida.
