In Florida, the Fair Market Rent (FMR) for a two-bedroom apartment is $1,038. In order to afford this level of rent and utilities – without paying more than 30% of income on housing – a household must earn $3,461 monthly or $41,527 annually. Assuming a 40-hour work week, 52 weeks per year, this level of income translates into a Housing Wage of $19.96.
In Florida, a minimum wage worker earns an hourly wage of $8.05. In order to afford the FMR for a two-bedroom apartment, a minimum wage earner must work 99 hours per week, 52 weeks per year. Or a household must include 2.5 minimum wage earners working 40 hours per week year-round in order to make the two-bedroom FMR affordable.