FLORIDA - Florida residents are feeling the squeeze as rising living expenses and stagnant wages push the state near the bottom of affordability rankings.
According to a recent WalletHub study, the personal finance website ranked Florida 49th out of 50 states for affordability, placing it just above the least affordable state.
Key factors contributing to this ranking include soaring housing costs, income disparities, and mounting debt.
WalletHub analysts explained that affordability is determined by evaluating housing expenses, average income, debt levels, and other economic factors.
Florida's struggles with affordability contributed to its overall ranking of 33rd in the study's "Best and Worst States to Raise a Family" category, down from 31st last year.
The state’s socioeconomic ranking also fell sharply, dropping 10 spots from 29th in 2024 to 39th this year.
Despite affordability concerns, Florida did show improvement in some areas.
The state’s health and safety ranking rose five spots from 41st to 36th.
Florida also ranked 8th for family fun, though this is a slight dip from its 6th-place ranking last year.
While affordability remains a challenge, Florida did manage to climb one spot from last year’s dead-last ranking of 50th in that category.
According to WalletHub, Massachusetts earned the top spot as the best state to live in for 2024, while New Mexico ranked the lowest overall.
Florida’s economic challenges highlight the ongoing struggle many residents face in balancing the cost of living with quality of life.