Florida: The exorbitant number of hours you have to work per week to buy a house

A study by the National Low Income Housing Coalition found that those earning minimum wage in Florida They are very far from the possibility of acquiring their own home.

And according to their conclusions, Florida is among the ten states that require a higher hourly wage if one intends to buy a house, according to the report cited by News Channel 8. In fact, minimum-income workers don’t earn enough to meet the costs of living in the Sunshine State.

In detail, they reported that The minimum wage in Florida is $12 per hour.which means insufficient because You would need to earn practically three times as much to pay for a home two-bedroom.

To arrive at that result, they calculated that the average cost of a home of that size is US$1,833 per month, which means that A person would need to earn around US$36 per hour to be able to afford it.

Even, Something even smaller is also beyond their capabilities.. A one-bedroom house would have an average monthly rental cost of US$1,525, which would mean that You would need to earn around US$29.33 per hour, well above the current minimum wage.

In that same sense, a report from the real estate company Zillow calculated that a person who earns an annual income of around US$382,802 You would need to save for 16 years just to be able to afford the down payment. average in the Tampa area which is US$181,195.

Florida cities where home prices have dropped

Despite Florida continues to be one of the states in which homes are most expensive, according to a company analysis Realtorin some cities prices have gone down.

After comparing the results of 50 of the largest metropolitan areas in the United States, they found that in the following cities in Florida today it is slightly more feasible to buy a home. However, property prices remain quite high.