How much does a single adult need to make to ‘live comfortably’ in Tampa Bay?
TAMPA, Fla. (WFLA) — A new study found out how much money people living in large cities in the U.S. need to make to “live comfortably.”
SmartAsset used a 50/30/20 budget, which recommends that 50% of your salary goes to your needs, such as housing, groceries and transportation; 30% toward wants like entertainment and hobbies; and 20% toward paying off debt, saving or investing.
The study said it applied the local cost of necessities and taxes to the 50/30/20 budget to find the pre-tax salary needed to live comfortably in 99 U.S. cities.
How far does a $100K salary stretch in Tampa?
On average, an individual needs to make $96,500 for sustainable comfort in a major U.S. city, according to SmartAsset. Living in Tampa and St. Petersburg will take a little less than the average. Both cities were ranked at No. 50. with a single adult needing a salary of $94,432 to “live comfortably.”
Here is a look at the salary needed to live comfortably in other Florida cities:
Rank | City | Hourly wage needed for a single adult | Salary needed for a single adult | Total salary needed for two working adults with two children |
39 | Port St. Lucie | $43.90 | $91,312 | $205,587 |
40 | Jacksonville | $44.08 | $91,686 | $205,587 |
50 | Tampa | $45.40 | $94,432 | $209,498 |
50 | St. Petersburg | $45.40 | $94,432 | $209,498 |
67 | Orlando | $48.22 | $100,298 | $212,160 |
68 | Miami | $48.52 | $100,922 | $215,904 |
While the hourly wage needed ranges from $43 to $48 in Florida, the minimum wage is currently $12 an hour. In November 2020, Florida voters approved incremental increases to the state’s minimum wage. The minimum wage is scheduled to increase by $1 every Sept. 30 until 2026, when it will be $15 an hour.
According to Forbes, the average salary in Florida is currently $55,980, which is $26.91 an hour.
SmartAsset said adults living in New York City, New York; San Jose, California; Irvine, California; Santa Ana, California; and Boston Massachusetts needed the highest salaries to live comfortably. The average salaries needed in those cities ranged from $124,966 to $138,570.
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