Posted 12/19/2023, 4:54:43 PM
Florida's High Cost of Living Squeezes Residents Despite Job Growth
- Inflation remains high in Florida, driven by steadily increasing housing costs that far outpace wage growth
- Half of Tampa Bay renters spend over 30% of income on housing, making it unaffordable by federal standards
- More Floridians have jobs, but actual number of income-restrained residents is unchanged due to population growth
- Credit card debt has risen 14% in Florida as people struggle to pay bills and buy essentials
- Economists see little change ahead in 2023, though Florida may weather recession better than past downturns due to ongoing population growth