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What is a ‘living wage’ in Florida?

TAMPA, Fla. (WFLA) — Newly released data shows how much money a person needs to make to support themselves and their family in Florida.

The Massachusetts Institute of Technology’s living wage calculator was created in 2003 to estimate the employment earnings – or living wage – that a full-time worker needs to cover or support the costs of their family’s basic needs where they live.

MIT updated the data for the living wage calculator in February and looked at the costs of eight components, each representing a basic need: childcare, civic engagement, food, health care. housing, internet & mobile, transportation, and other necessities.

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According to MIT’s living wage calculator, the required annual income before taxes for a single adult in Florida is $46,645 or $22.43 an hour.

A single adult with one child will need to make at least $77,515 a year, the tool showed.

Here is a look at the living wage based on family size, according to MIT.

1 adult with no children

1 adult with 1 child

1 adult with 2 children

1 adult with 3 children

$46,645

$77,515

$94,356

$122,217

2 adults (1 working) with no children

2 adults with 1 child (1 working)

2 adults with 2 children (1 working)

2 adults with 3 children (1 working)

$63,567

$75,959

$84,825

$92,922

2 adults (both working) with no children

2 adults with 1 child (both working)

2 adults with 2 children (both working)

2 adults with 3 children (both working)

$63,567

$86,553

$104,524

$121,164

If you want to maintain a “comfortable lifestyle,” a study from SmartAsset showed that a single working adult in Florida would need to double their income and make $44.86 an hour or $93,309 a year.

SmartAsset used the 50/30/20 budget rule, which recommends spending about 50% of your income on basic needs like food and housing, 30% on wants and putting away the remainder toward savings or paying off debt.

SmartAsset’s study showed that the cheapest state to live comfortably is West Virginia. The most expensive state is Massachusetts.

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