However, Florida is considered the least affordable state in the U.S. 💵
This might come as a surprise, but you don't have to make as much money in Florida as you do in other states to be considered rich. Although the cost of living is so high, your income doesn't have to be.
Even though it was named the least affordable places in the nation, and Miami is one of the most expensive cities in the world, 29 states show that you must make more money to be wealthier in those areas than in FL.
Although it is definitely not cheap, you can be well to do without having a bank account as large as others.
According to GoBankingRates, the Sunshine State comes in at number 30. The list looks at the average adjusted gross income, or, in other words, what you make before you get taxed along with certain deductions like 401(K).
It shows that the top 20% of Floridians make $115,410. The minimum to earn to be in this community is just one dollar more.
In order to be in the to top 5%, you need to make a minimum of $408,096. Sure, that's a vast difference, however it's cheaper than most economies in America.
This means you need to have a lot more money in places like Nebraska, Alaska, Delaware, and Massachusetts to be in the top percentage of their communities.
The most to be made is in New Jersey, taking the top spot out of 50. Here, you need to make an average of $170,964 and $529,601 to be affluent.
If we put this into perspective with the common person, ZipRecruiter studied what you need to make to live comfortably in Florida.
That number is about $64,000 a year. The article states that the median salary for average jobs in the state is even lower than that price point at $53,911.
So, it is no wonder the Southern state is named one of the most unaffordable when 80% of its community makes about half of what it is to be considered rich.