Florida is the land of eternal sunshine and tropical beaches for many Americans. But it’s not just a place for snowbirds and retirees. Florida has long been a popular destination for business travelers, retirees, and tourists alike, but the Sunshine State is also one of America’s wealthiest states — at least historically speaking.
When I was a kid growing up in New Jersey (where we had snow), my mom took us every year for spring break to enjoy some warm weather before another brutal New England winter began. So it should be no surprise that Florida ranks among the top states regarding household income.
With that said, there are two sides to every story: While Florida may be one of the wealthiest states in terms of average income per household (see below), decades’ worth of economic data show that its residents also face some significant challenges when compared with other U.S. states in terms of wealth inequality and poverty rates — factors which can have profound impacts on families’, communities’ health outcomes over time.
Florida has been a rich state historically.
To understand how Florida has been a rich state historically, it’s essential to understand that the state has lots of resources. It has natural resources like beaches and sunshine but many other resources, including a diverse economy and a large foreign-born population. As we saw earlier in this chapter, this diversity is one of Florida’s strengths because it means more jobs are available for people who are moving here or looking for work in their fields.
Florida is also a popular tourist destination with millions of visitors each year. That makes it an appealing place for retirees, too; after all, what better way to spend your golden years than basking in beautiful weather on the beach?
Florida is the bottom third of the wealthiest states.
The answer to this question depends on how you look at it. If you look at the total gross domestic product, Florida is in the bottom third of the wealthiest states. However, in terms of net worth per capita or median household income, Florida is between those categories.
Of course, these figures do not tell the whole story; they do not account for the cost of living or other factors affecting wealth and poverty.
The income disparity in Florida is one of the widest in the country.
According to the U.S. Census Bureau, Florida has one of the most enormous income disparities in the country. This means that very wealthy and poor people live in Florida — often close to each other!
The southeast is home to many cities with significant income gaps, including Miami at #1 with a Gini coefficient of 0.508 (the higher this number is, the more unequal it is), followed by Tampa at #2 with a Gini coefficient of 0.511, Jacksonville at #3 with a Gini coefficient of 0.509 and Orlando at #5 with a Gini coefficient of 0.503 (the lower this number is, the more equal it is).
Florida’s net worth is the 15th highest in the nation.
Florida’s net worth is the 15th highest in the nation. To put this into perspective, consider this: Florida’s net worth is $8.7 trillion, more than the entire state of California ($8.5 trillion). This means that Florida has more assets (a large portion of which are real estate) than any other state in America. If you add up all 50 states’ total net worths together and divide by 50 (to get an average), then multiply by 100 to get a percentage value for each state…you’ll find that Florida’s total assets are worth more than every other state combined!
In addition to its high level of assets and wealth overall, Florida also has one of the highest per capita levels of wealth in America at $190,000 per person—the second highest level in the nation after Wyoming ($198K).
Florida’s poverty rate is slightly higher than the national average.
Florida’s poverty rate is slightly higher than the national average, at 15%. The poverty rate is higher in rural areas and southern states. It also increases during the winter, which may be due to less availability of seasonal jobs.
Poverty is highest among seniors (13%), disabled individuals (18%), and African-Americans (26%).
Florida’s unemployment rate has fallen to its lowest level in 10 years.
Florida’s unemployment rate has fallen to its lowest level in 10 years.
The state’s seasonally adjusted jobless rate for March was 3.6%, down from 4% in February and 5% a year earlier, according to the Department of Economic Opportunity’s monthly report released Friday morning. That figure is well below the national average of 5% but still higher than other states with lower rates, such as California and Texas.
Florida has historically been a wealthy state despite a high disparity between the rich and poor.
In general, Florida is a wealthy state. However, Florida has a high disparity between the rich and poor. The income disparity in Florida is one of the widest in the country. The bottom third of earners account for about 4% of total personal income, while the top 1% account for 14%. This means that over $34 billion per year goes to just 1% of people—or about $16 million per person on average!
Conclusion
With the highest median income in the country and one of the largest economies in the world, Florida is undoubtedly a wealthy state. But as you can see, it’s also a poor state with many people who struggle to meet their basic needs. The good news is that there are organizations like United Way and Feeding America that work hard every day to help these families get back on their feet!
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