Ever wondered if staying home to care for a child while your spouse works is realistic for your family?
Well, a recent study from investment adviser SmartAsset ranked U.S. states based on the minimum income a person needs to support a family of three—and the number for Florida may surprise you.
Income needed for a 3-person household across the U.S.
We won’t keep you waiting: in Florida, one working parent would need to make $80,683 to support a family of three, according to SmartAsset.
That puts it at no. 24 in the rankings, with Hawaii and California sitting at no. 1 and no. 2 (most and second-most expensive), respectively.
If you’re shaking your head, asking, “Where in Florida?!”, it’s true that that number is low compared to what SmartAsset says is needed for a family of four to live comfortably in Miami specifically. (That number is more than $230,000.)
Key findings
The study highlights some key findings, including where it’s most expensive and, by contrast, cheapest for one parent to support the family.
As previously stated, SmartAsset says single-income earning requirements are highest in Hawaii, where the working parent would need to earn $106,496. California follows at $101,213. These are the only states where the threshold exceeds $100,000.
Meanwhile, southern states are the most affordable for single-income families. Arkansas is the most affordable, with a required annual income of $68,869 for the working parent, about $37,600 less than in Hawaii. Mississippi and Kentucky follow at $70,054 and $70,179, respectively.
“A single-income family with small children potentially saves in child care costs over a household with two working parents,” the SmartAsset survey says. “The main disadvantages are the lost salary and retirement contributions, Social Security earnings history and employer health benefits.”
So does this arrangement make sense for you? See the full data here.