Squeezed: Florida ranks poorly in household income, while home prices remain high

• Florida ranks 36th in the nation (15th worst) in household income, more than $9,000 per year below the national average
• At the same time, Florida’s home values remain high, making the state one of the worst in overall affordability
• Inflation and higher prices overall are also putting the squeeze on Florida households, but unemployment rates remain better than the national average

Severe inflation continues to plague the U.S. economy, and higher prices have been particularly hard to bear on those with lower pay. While incomes have been generally rising, they have not matched inflation, eroding real wages.

According to census data released in September, the typical U.S. household income was $69,717 in 2021, about $4,000 higher compared to 2019, the last time the Census released an annual American Community Survey, having skipped a year due to data collection problems tied to the pandemic.

While the median income increased nationwide, in many states, wages did not rise to the same degree and remain far lower than average.

The latest census data shows that the typical household in Florida earns $63,062 per year, the 15th lowest median household income among states, and $6,655 less than the national median.

Home values are often a reflection of what local populations can afford, however, even though incomes are lower than average in Florida, home values are not. The typical home in the state is worth $290,700, above the national median home value of $281,400, according to the 2021 ACS.