If you’re trying to raise a family in South Florida you know it’s not cheap. But, how much does that cost these days without needing help given the average costs of all of life’s basics? Researchers from MIT just came up with an answer. In Florida, for a family of three, you need $57,029 this year.
The study factored everything in taxes, housing, food, transportation costs, etc. While it is more expensive than average to raise a family in Florida, we're actually only slightly more expensive than the ordinary. Florida ranks as the 20th most expensive overall. While housing costs are well above average, Florida makes up for some of it due to the lack of a state income tax which only a handful of other states offer as well. In the grand scheme of things, we’re a lot better off than states like California or New York where you need more than $67k per year to make ends meet.
Imagine having to earn 20% more just for the same quality of life you already have. So yeah, we don’t have it quite so bad after all in the context. Now for those who're wondering, the most affordable state to raise a family this year is Mississippi where just over $48k would do the trick.
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