Florida is hard to define in and of itself, let alone when it comes to its spectrum of income levels. The Floridian lifestyle can range from retired beach bum to nightclub owner, and in that economic midst, the middle class has both expanded and contracted. Once considered an affordable haven for retirees and working families, the Sunshine State has seen its definition of “middle class” shift dramatically over recent decades.
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GOBankingRates recently conducted research to analyze how much the middle class has changed in every state including Florida based on household income, middle-class income and more. Here are some key takeaways:
- 2022 middle-class income range: $45,278 to $135,834
- 2012 middle-class income range: $31,539 to $94,618
- 10-year change in middle-class income: 43.56%
Can the Middle Class Still Afford To Retire in Florida?
One constant in Florida’s middle-class story has been its role as a top destination for retirees. As financial goals go, this is an idyllic one, but is it still as economically feasible as it used to be? For retirees on a fixed income, maintaining a middle-class lifestyle in Florida has become increasingly challenging.
Another study from GOBankingRates set out to discover how much you would need to save to comfortably retire in Florida. Here are some stunning average statistics, especially when you compare them to a middle-class income:
- Annual cost of living, including total cost of expenditures: $58,396.18
- Annual cost of living minus Social Security income: $36,829.42
- Minimum needed for 20 years of retirement: $736,588
- Minimum needed for 25 years of retirement: $920,736
- Minimum needed for 30 years of retirement: $1,105,989
Floridian Middle Class vs. Cost of Living
For years, the middle class in Florida was characterized by a modest but comfortable lifestyle. Families earning an average income could afford to buy a home, send their children to public schools and save for retirement, all while enjoying the benefits of the state’s relatively low cost of living. Here are some cost of living statistics that can let you know just how far your middle-class income will get you in Florida:
- Annual cost of groceries: $4,782.61
- Annual cost of housing: $12,557.21
- Annual cost of utilities: $4,189.40
- Annual cost of transportation: $4,804.60
- Annual cost of healthcare: $7,321.34
Final Take To GO: Florida vs. the Middle Class
The bottom line is that the middle class in Florida is a complex and diverse group, possibly far removed from the idea that steady jobs, affordable homes and predictable upward mobility are a guarantee in any state in America. Middle-class status now requires navigating a rapidly shifting economy where rising costs, economic inequality and job instability make financial security harder to achieve.
As Florida continues to evolve, so too will its middle class, adapting to the opportunities and hurdles presented by a changing economic landscape. What remains clear is that the middle class in Florida today is far more fluid and multifaceted than it has ever been before.
Methodology: For this piece, GOBankingRates first sourced the 2012, 2017 and 2022 household median income of every state, as sourced from the 2012, 2017 and 2022 American Community Surveys as conducted by the U.S. Census Bureau. With these median household incomes isolated, GOBankingRates was able to find middle-class income ranges for each respective year with the following definition: those with an annual household income that was two-thirds to double the national median income. For each state, GOBaningRates found (1) 2022 middle-class income range; (2) 2017 middle-class income range; (3) 2012 middle-class income range; (4) 10-year change in middle-class income range; and (5) 10-year percent change in middle-class income. All data was collected and up to date as of April 8, 2024.
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This article originally appeared on GOBankingRates.com: Here’s How the Definition of Middle Class Has Changed in Florida
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