Florida local reveals toll from high cost of living: 'It doesn't make sense anymore'

The high cost of living is taking its toll on Americans, and Florida is no exception.

"I can tell you it's a lot of money," Fox News' Miami-based correspondent Danamarie McNicholl told "Varney & Co." host Stuart Varney during her report on Friday, describing what it would cost to rent an apartment in North Bay Village.

McNicholl noted that the rent of the apartment complex near Miami where she'd been reporting increased nearly 100 percent in four years.

According to a report from the National Low Income Housing Coalition, a worker in Florida making minimum wage at an hourly rate of $12 would need to work 98 hours per week to afford a one-bedroom rental home at a fair market rate.

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One millennial Floridian, George Chijioke, explained that he earns more than minimum wage, but told FOX Business he still needs to supplement his income by driving for Lyft and tutoring students to keep up with the high costs.

"I make a decent amount of money." However, he continued, "It's not enough. I love it down here, but it's just… it doesn't make sense anymore." 

Chijioke told McNicholl that he's felt the impact of the rise in costs, and that others who felt the same have turned to additional jobs to grapple with the increase.

"My car insurance went up, my cable went up, you know, the gas went up," he said. "Everybody's struggling. They're working three, four, five, six jobs, you know. It's ridiculous." 

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Despite the woes related to the Sunshine State's rise in costs, the four most populous metro areas in Florida are actually seeing rent price declines.

According to a recent report from real estate firm Redfin, rent prices in Miami, for instance, fell 3.8% in June.

Still, many Americans are struggling to keep up.

McNicholl referenced a Fox News Poll that showed 74% of voters view housing costs as a leading issue for themselves and for their families ahead of the upcoming 2024 presidential election.

She concluded her report by noting that Chijioke said he'll need to leave the Sunshine State due to the rise in costs.

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FOX Business' Daniella Genovese contributed to this report.