A recent Fox 35 Orlando analysis announced that a single adult in Florida needs to earn $97,386 annually to live comfortably (including needs, wants, and savings), based on the popular 50/30/20 budgeting model. That rule divides after-tax income into 50% for essentials, 30% for discretionary spending, and 20% toward savings or debt. But what about the Central Florida region? Research suggests the local income needed is similarly high, and often outpaces typical earnings.
No wonder so many families are struggling to make ends meet.
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