Florida’s Minimum Wage Increase Expected To Reduce Number of Rent-Burdened Households in Orlando

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Florida’s increased minimum wage is expected to reduce the number of rent-burdened households and severely rent-burdened households in Orlando.

A recent report from Zillow looked at 45 large metro areas where minimum wage was increasing to see how it would impact rent-burdened households, those spending 30% of their income on rent, and severely rent-burdened households, those spending 50% of their income on rent, in each metro.

In Orlando, a minimum-wage worker is expected to spend 10% less of their income on rent next year, and the minimum-wage increase is expected to reduce the share of severely rent-burdened households from 58.2% to 48.2%.

The state’s minimum wage is set to increase by nine cents to $8.65 on Jan. 1 because of a provision tying minimum wage to cost of living. Minimum wage will increase further to $10 an hour on Sept. 30 after Florida voters passed a constitutional amendment to gradually increase minimum wage to $15 by September 2026.

The state’s minimum wage increase is expected to help renters across the state as well. In Tampa, a minimum-wage worker is expected to spend 7.5% less of their income on rent next year. Jacksonville and Miami renters, meanwhile, will spend 10.7% and 10.9% less of their income on rent.

Source: https://www.bizjournals.com/orlando/news/2020/12/24/minimum-wage-increase-to-reduce-number-of-rent-bur.html?ana=e_orl_bn_editorschoice_editorschoice&j=90543605&t=Breaking%20News&mkt_tok=eyJpIjoiTldGaFlUSXpNemswWm1NdyIsInQiOiJCVEwrR21DK0s1SHJHT2FSWGVpY3ZaV0I4QjF0VnF2bU5yQnhQbHJzTjgzUXh5RkxJWEhIQUQ4bGdSYlhjbUx3VHA4aFMzOEtxQWFLbFVLYTRwZXFlSU5UdWxnZ3N3eWl3TkVHVTZDQjh1RWtNUnQ2Z29NaHd2a21PVTBwdWhYRzhaNGpXbXBZQlJybllTVWYrb2gzMlE9PSJ9

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