WEST PALM BEACH, Fla. — A new study has identified South Florida as one of the least affordable regions for middle-class families.
The analysis was performed by Upgraded Points, a website that tracks credit card, travel and consumer reward trends.
WATCH BELOW: Study: South Florida ranks as one of the worst for middle-class families on a budget
Based on a family of four (two adults and two children) who live in the Miami metro area — which encompasses West Palm Beach — the average family needs to earn an income of $109,043 to cover basic necessities.
Here is a summary of the data for the Miami-Fort Lauderdale-West Palm Beach, according to the study:
- Available income after necessities: $10,957
- Median family income: $120,000
- Income required to cover necessities: $109,043
- Housing costs: $22,665
- Food costs: $13,772
- Childcare costs: $16,015
- Transportation costs: $15,791
- Healthcare costs: $16,252
- Other necessities costs: $12,904
- Income taxes: $11,655
Once middle-class families subtract the median cost income of $120,000 from the $109,043 income required to make ends meet, they're left with less than $11,000 annually.
The Miami metro area ranked 49 out of 53 for most affordable large metro areas. The study said the only regions that were worst were the following areas:
50. Las Vegas-Henderson-North Las Vegas, Nevada
51. Fresno, California
52. Los Angeles-Long Beach-Anaheim, California
53. Riverside-San Bernardino-Ontario, California
Places that saw the middle-class dollar stretch farther reported a high cost of living, but the study found that the cities offered an array of jobs in government and technology with incomes that weren't as stagnant.
Some U.S. areas where middle-class families seem to pull ahead more are San Jose, California, Washington, D.C., Seattle and Richmond, Virginia.
Click hereto read the study.
