Some living in Florida might be forced to work a whopping 63 hours a week just to be able to make their rent payments, according to a new study from financial technology company Self.
While a standard workweek is generally thought of as 40 hours, Self’s report discovered that many Americans would need to work substantially more to afford a place to live.
“In the years following the pandemic, few states saw the surge in pricing that Florida did. The massive influx of new residents led to housing prices escalating to dizzying heights, and one of the results was substantially higher monthly rent prices,” Alex Beene, financial literacy instructor for the University of Tennessee at Martin, told Newsweek.
While Florida experienced an inflated 2024 median rent of $2,033—meaning workers on average had to work 63 hours per week based on average hourly earnings to afford that figure—it wasn’t the most expensive state for rents.
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Hawaii had an inflated 2024 median rent of $2,417, which on average would mean residents would have to work 66.2 hours weekly.
And Nevada and California also saw many workers pressed to afford their rent. The inflated 2024 median rents for the two states were $1,948 and $2,493 respectively, which translated into residents needing to work 64.8 and 64.5 hours a week based on average earnings.
On average, 50 work hours are needed to cover monthly rent costs in the U.S., the study found.
“Other states are experiencing similar difficulties, and it’s hard to say if we’ll see wage growth any time soon that can match these increased costs,” Beene said. “The effects could be bad for other industries. If you’re spending the majority of your wages on housing costs, it doesn’t leave much to spend on other goods and services.”
Many workers are having to take extra hours as they attempt to afford the 22.2 percent rise in rent prices that occurred over the last year. That was the highest uptick in the last two decades, Self reported.
The study was based on data from the U.S. Census and consumer price index, which revealed the extent of how many Americans are struggling to make their monthly rent payments.
The last few years of inflation have been a burden for most Americans, said nationwide title and escrow expert Alan Chang.
“From food, fuel, and housing, not much has been untouched by the double digit percentage points of inflation,” Chang told Newsweek. “Purchasing power has been at an all time low for everything, including rent.”
Across the country, wages have rarely kept pace with rent increases. From 2023 to 2024, the number of work hours it takes to cover rent increased by 19 percent, from 42 to 50 hours, on average.
Chang said home values are seeing increases, contributing to the higher rents. But property taxes, homeowners insurance and maintenance costs are also surging.
“I don’t see relief anytime soon as there are many policies in play that need addressing before Americans can see some relief,” Chang added.
