Florida families are facing a significant holiday budget crunch this year as a new study reveals renters in the state need more than a year to save enough for Christmas expenses.
The study, from personal finance experts at Finanazas Justas, shows it takes Florida renters one year and three months to save enough for holiday spending, which is 50% longer than the national average.
According to Census data, the median monthly household income in Florida is $4,480, with essential expenses totaling $4,186.41. This leaves rental households with just $293.59 in disposable income, based on the state's average household size of 2.47.
The average Florida household spends more than $2,000 during the holiday season. However, after paying for housing, healthcare and other essentials, Florida renters have less than $300 left each month.
If they set aside half of that money, it would take 15 months to save for the holidays.
Florida's high housing costs are a major factor, with average rent 33% above the national average.
"For many renters in Florida, the cost of housing, utilities, and groceries leaves very little residual income - and that means savings goals can feel impossible, especially over the festive season, where it feels like you can never have enough funds," Olle Pettersson, personal finance expert at Finanzas Justas, said.
"It's another area where residents who rent are at a significant disadvantage compared to homeowners. And this calculation assumes a multi-person household and income - single renters are at an even bigger disadvantage," Pettersson said.
The study found Alabama residents face the longest saving time at more than six years, while residents in states like California and Hawaii can save their holiday budget in just four months.
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