Ever wondered if staying home to care for a child while your spouse works is realistic for your family?<\/p>\n
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\u2014and the number for Florida may surprise you.<\/p>\n
Income needed for a 3-person household across the U.S. <\/p>\n
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.<\/p>\n
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. <\/p>\n
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.<\/a> (That number is more than $230,000.)<\/p>\n Key findings<\/p>\n The study highlights some key findings, including where it’s most expensive and, by contrast, cheapest for one parent to support the family. <\/p>\n 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.<\/p>\n Meanwhile, southern states are the most affordable for single-income families.\u00a0Arkansas 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.<\/p>\n “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.”<\/p>\n