Half of Florida households struggle to make ends meet. Here are 5 takeaways

A recent study by United Way highlights the financial struggles faced by nearly half of all Floridians, despite being employed. These individuals, termed ALICE (Asset Limited, Income Constrained, Employed), earn too much to qualify for state benefits but are still living paycheck to paycheck.

READ MORE: Nearly half of Floridians are living paycheck to paycheck, report finds

Here are the highlights:

▪ Florida ranks fourth in the nation for residents under financial pressure, driven by an affordability crisis exacerbated by a surge of new residents post-pandemic, rising living costs and stagnant wages.

▪ Housing costs are a significant burden, with over half of renters spending at least 30% of their income on housing, and nearly 30% spending more than half.

▪ The cost of living, including child care and food, has outpaced wage growth, causing financial strain for many households, particularly those led by individuals under 25 and seniors over 65.

▪ The upcoming increase in Florida’s minimum wage to $15 may inadvertently push some families over income thresholds for government assistance, worsening their financial situation due to the “benefits cliff.”

▪ Efforts to address these issues include United Way’s advocacy for affordable housing and employer-driven solutions like flexible work hours and on-site child care, which aim to alleviate financial stress and boost local economies.

The summary points above were compiled with the help of AI tools and edited by journalists in the Miami Herald newsroom. The full story in the link at top was reported, written and edited entirely by Miami Herald journalists.