How Much Money Do You Need To Live in Polk County Florida?

I’ve seen many posts on Facebook about how expensive things have gotten over the past few years. I’ve also seen the memes where they say, “I stay at home because every time I leave, I spend $100 within 5 minutes.” Of course, I can relate to the latter, but it really got me thinking about how much money do you need to live in Polk County, Florida.

Today, I will break my living expenses down by the day to see how much it truly costs to live as a single person in Polk County, Florida. 

What is the Median Income in Polk County?

According to the U.S. Census Bureau, the median household income for Polk County is $55,099, with a single-person income coming in at $27,909. 

When I break that down even further, you must make a minimum of $536.71 a week or $13.41 an hour. Please note that this is before tax is taken out. If we want to calculate taxed income, it would be for someone who has no dependents; your take-home pay would be $467.52 a week, according to the Paycheck City Hourly Calculator. 

For the rest of this article, we will use $467.52 a week in take-home pay to see if this is enough to live in Polk County, Florida. 

What is the Average One Bedroom Rental in Polk County?

Rent is continually increasing. Since last year, rent has gone up by 3%, according to Zumper. In September 2023, the average rent for a 1-bedroom is $1,379.

So, if we look at the money we bring home every week, which is $467.52, we would not be left with a lot of money after paying rent every month. We would only be left with $491.08.

Will less than $500 cover electricity, water, car insurance, internet, food, and gas? Let’s find out. 

Average Utilities Cost

For this simulation, we will say that your water is included. Many apartment rental places offer water included in the rent price. However, at the very least, tenants are always responsible for their electricity and internet.

According to the Electricity Local, Polk County residents pay an average of $123 monthly for their electricity. As for the internet, you can go to Spectrum (one of the biggest providers here in Polk County) and get on with a special of $49.99 for 12 months of speeds up to 300mbps.

Of course, we also need a cell phone, we will go with the standard $50 plan with unlimited talk, text, and data. We will be on a standard pay-as-you-go plan and not on a contract with AT&T, Verizon, or T-Mobile. 

Now, we have to talk about the dreading car insurance. Of course, car insurance will vary from person to person depending on how old they are, what car they drive, what’s their deductible, their credit, and many other factors. However, for this simulation, we will go with what Compare.com said the average Lakeland driver pays in car insurance: $113 a month. 

Now, your total left over for the month with utilities, we are looking to have $155.09 left for gas and groceries. Will there be enough? 

Average Gas and Grocery Costs

Gas in Polk County is currently sitting at $3.59 a gallon, according to AAA Gas Prices. With an average car with a 13-gallon tank, you are looking at a weekly gas bill of $46.67.

I recently wrote about how I, as a single person, spend an average of $400 on groceries every month. This includes paper products, pet supplies, and occasionally eating out. Like with anything on this list, this could be higher or lower depending on your preferences. I always try to stick to $100 a week for myself and my cat.

Let’s add the gas and food bill to the $205.09 total that we have left after we pay our utilities. We end up with negative $431.59 every month. 

Can You Live Off of the Median Income in Polk County?

From our above simulation, I would say yes and no. If you are trying to go the route we did above with being on your own with no roommates, you could not live on your own, without other financial help such as Food Stamps. 

If you are going to get roommates to help share the responsibility of all bills, you could live somewhat comfortably, making a median income of $13.41 an hour. However, as time goes on the median will also go up, so you need to ensure that you are in a job that will allow you to grow and get raises or your $13.41 in a few years may not be cutting it even with having a few roommates. 

How Much Do You Need to Make to Live Without Roommates in Polk County, Florida? 

If roommates are not an option for you and you want to live alone. Let’s break down how much money you need to live in Polk County, Florida alone every month. 

For this simulation, we are going to use the above averages of housing, utilities, food, etc. 

• Housing: $1,379
• Electricity: $123
• Internet: $49.99
• Cell Phone: $50
• Car Insurance: $113
• Gas: $186.68
• Food: $400

You need to have $2301.67 to pay your monthly bills every month. You would realistically need to make a minimum of $16 an hour to be able to pay your bare minimum bills here. Of course, I do not recommend that at all because one mishap and you could be down and out in no time.

I do recommend making no less than $20 an hour to live comfortably in Polk County, Florida. 

Why Should I Make No Less Than $20 an Hour to Live Alone?

I always advise anyone trying to move to Polk County, Florida to make at least $20 an hour, if they plan on not having roommates. Sometimes I get asked why because that tends to be a lot of money if you do not have a college degree. 

My answer is always: your car could break down. You could get sick. If you don’t have money saved or PTO, missing a day of work can quickly put you behind on bills. Once you are behind on bills it can be very hard to catch up. You rather have some wiggle room for any incidentals that life may throw at you instead of having to rob Peter to pay Paul.

Making $20 an hour, your take-home pay is $678.99 a week, $211.47 more than the median average. This means you will have $414.29 left over to save or use for fun. 

Living Within Your Means

Now that you have a better idea of how much money do you need to live in Polk County, Florida, it is up to you to make the best decision for you and your family, whether having roommates or venturing out on your own.

Ensure you have a killer foolproof budget to help keep you and your financial journey on track, and you should be able to be smooth sailing from here on out.