In November 2021, Florida voters supported an initiative to raise the minimum hourly wage to $15.
The current hourly minimum wage rate is $10 per hour. The initiative to reach a $15 minimum wage is happening gradually, with a $1 per hour increase each year through 2026.
Experts estimate that at least 200,000 Floridians live on minimum wage earnings. This initiative was an effort to elevate their income so that it is above the federal poverty level for a family of three.
The minimum wage was first introduced to the U.S. economy in 1938 after the Great Depression. The goal of a minimum wage for workers is to establish a foundation for standards of living. The idea is that employers cannot pay less than a livable wage to employees, to ensure that workers do not get taken advantage of and work for less than that because they need money.
For comparison, a mid-range two-bedroom apartment in the U.S. costs around $1,192 per month. With a cost index ranking of 97.9, Florida falls just below the national average for cost of living. Yet, these estimates are rising as the demand for homes in Florida increases.
Here’s a breakdown of the different types of minimum wages in Florida.
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