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Fort Lauderdale, FL - A recent study by SmartAsset has revealed that the cost of living in Florida has risen significantly, making it more challenging for residents to maintain a comfortable standard of living.
According to the study, a single working adult in Florida would need to earn over $93,309 annually to live comfortably.
However, for families with two working adults and two children, the required income in Florida is still substantial at $209,082.
SmartAsset used the “50/30/20″ budget rule — one that recommends residents put 50% of income toward needs like food and housing, 30% on wants, and the remaining 20% toward savings or debt.
These figures are significantly higher than the median earnings reported by the U.S. Census Bureau, indicating that many Floridians are struggling to keep up with rising costs.
The influx of new residents to the area has contributed to increased demand for housing, goods, and services, driving up prices.
While the state's economy is expected to grow in the coming years, the cost of living is likely to remain high.