Saturday, June 22

New study: Florida among top 10 states seeking side hustles

A new study by WealthUp said Florida is among the top 10 states where the most people are seeking a side hustle, according to data analyzed from Google..

“I do massage therapy. I go into homes. I bring my table,” Danielle Waycott told WPTV in March 2023.

When WPTV spoke with Waycott last year, she was pursuing a second job to make ends meet.

“Soon, I’ll do EMT and then go into paramedics,” she said. “That will help lighten the load for health insurance.”

Now, one year later, because of the high cost of groceries and housing, a new study by WealthUp is revealing Florida is #7 on a list of top 10 states most interested in having a side hustle.

“This trend is steaming ahead. I don’t see anything that stops it,” Carl Gould, business analyst and founder of 7 Stage Advisors, said.

WATCH: Danielle Waycott works side jobs to make ends meet

Some South Floridians working side jobs

Gould told WPTV the findings in this study are not surprising.

“One of the trends we are starting to see during the pandemic, were the technology and the time at home allowed them to start doing side hustles,” he said. “They are learning that they could really make a considerable amount of money and in some cases, more money than at their job, doing a side project for a company while they’re at home.”

Now, that trend has grown.

The WealthUp study found Florida averaged 191.2 monthly searches for side hustles per 100,000 residents, which is 20% higher than the national average.

The findings also reveal 33% of Americans working a side job are already using those funds to afford essential living costs, like food and rent.

“The good news is some consumer staples, the products you buy, the food you buy, has shown slower growth and that is coming down to some degree,” Gould said. “We still recommend that you look for store names, not brand names, you know, buy in bulk.”

Another new study by Smartasset found single adults living in the Miami metro need to make $100,922 to be able to live comfortably. A family with two working adults and two children would need $215,904.

In Port St. Lucie, a single adult would need to make $91,312 and a family with two kids would need $205,587 to live comfortably.

Gould said to get there for many Floridians, a side hustle may be the only option until more food and housing prices start coming down.

“The price of housing, the price of discretionary goods, with what’s going on in Baltimore, automobiles, we’re seeing constant disruptions in the supply chain,” he said. “But when you go food shopping you should see a little bit of relief, but in other areas you should expect the prices to be high, or remain where they’re at, through the fall.”

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