Florida Median Household Income - 2024 Update | Neilsberg (2024)

Florida median household income trends: 2010 to 2021

From 2010 to 2021, the median household income for Florida increased by $2,468 (3.84%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.

Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 7 years and declined for 4 years.

The most significant year-by-year growth occured from 2018 to 2019, when the median household income increased by 1,638 (from $62,272 to $63,910). Similarly the most substantial year-by-year decline occured from 2011 to 2012, when the median household income decreased by 1,944 (from $62,537 to $60,593).

Florida ranks 34th among all U.S. states in terms of median household income. This ranking suggests that Florida is not among the highest-income states in the U.S., and it falls below many other states in terms of median household income.

Median household income in Florida by household size

To gain deeper insights into the median household income for Florida, we conducted an analysis of the most recent available data from the U.S. Census Bureau American Community Survey 5 year Estimates (the most recent data available).

Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, all of the household sizes were found in Florida. Across the different household sizes in Florida the mean income is $86,760, and the standard deviation is $23,956. The coefficient of variation (CV) is 27.61%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.

In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $36,807. It then further increased to $104,462 for 7-person households, the largest household size for which the bureau reported a median household income.

According to the Census Bureau data, the median household income reaches its peak among 7-or-more-person households, reaching $104,462 .

Florida income distribution and inequality

To gain a comprehensive understanding of income distribution in Florida, we conducted an analysis of quintiles data from the U.S. Census Bureau. While the bureau does not categorize income into subjective classes like lower-income, middle-class, or upper-class, they instead divide the population into five quintiles, ensuring that each quintile represents nearly the same number of households. This classification allows us to analyze income levels across a spectrum from the lowest to the highest income groups.

Key findings:

• Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 15,293, while the mean income for the highest quintile (20% of households with the highest income) is 261,209. This indicates that the top earners earn 17 times compared to the lowest earners.
• Top 5%: The mean household income for the wealthiest population (top 5%) is 495,501, which is 189.70% higher compared to the highest quintile, and 3240.05% higher compared to the lowest quintile.

Furthermore, as per the Census Bureau, the Gini coefficient for Florida is 0.4902. Gini coefficient is a numeric measure ranging from 0 to 1, where lower numbers indicate greater income equality (with 0 representing complete equality, where all households earn the same income) and higher values signify greater income inequality (with 1 being complete inequality where one household receives all income).

With a Gini coefficient of 0.4902, it is evident that income distribution in Florida exihibits characterstics of moderate inequality .

This level of Gini coefficient suggests noticeable variations in income distribution across households, with certain segments of the population holding a larger share of income compared to others in Florida.

It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Florida

Median household income in Florida by family type, 2021

The Census Bureau classifies households into different categories, including total households, family households, and non-family households. Our analysis of U.S. Census Bureau American Community Survey data for Florida reveals how household income distribution varies among these categories.

Interestingly, we found that the median household income did vary between family households and non-family households. In 2021, for Florida, there were a total of 5,274,491 family households and 2,882,929 non-family households.

For the family households, the median income (in 2022 inflation-adjusted dollars) was $83,410. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $43,665.

Key findings:

• For Family Households: In Florida, the majority of family households, representing 14.42%, earn $75,000 to $99,999, showcasing a substantial share of the community families falling within this income bracket. Conversely, the minority of family households, comprising 2.12%, have incomes falling $150,000 to $199,999, representing a smaller but still significant segment of the community.
• For Non-Family Households: In Florida, the majority of non-family households, accounting for 11.09%, have income Less than $10,000, indicating that a substantial portion of non-family households falls within this income bracket. On the other hand, the minority of non-family households, comprising 2.54%, earn $150,000 to $199,999, representing a smaller, yet notable, portion of non-family households in the community.
• For Total Households (Combining Family and Non-Family): When considering total households in Florida, the majority, constituting 12.48%, earn $75,000 to $99,999, demonstrating that a significant portion of community households falls within this income bracket. Simultaneously, the minority of total households, representing 4.06%, have incomes $10,000 to $14,999, signifying a smaller segment of households in the community.

Things to know

What is the Gini index for Florida?

As per the Census Bureau, the Gini coefficient for Florida is 0.4902. With this value of Gini coefficient, it is evident that income distribution in Florida exihibits characterstics of moderate inequality .

This level of Gini coefficient suggests noticeable variations in income distribution across households, with certain segments of the population holding a larger share of income compared to others in Florida.

It also implies that efforts may be needed to enhance economic fairness and reduce the gap between income groups in Florida

What is the median household income in Florida?

As per the latest American Community Survey data released on Sep 14,2023, the median household income for Florida is $69,303. This income is 89.50% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).

How does Florida median household income compare to the rest of the United States?

Florida ranks 34th among all U.S. states in terms of median household income. This ranking suggests that Florida is not among the highest-income states in the U.S., and it falls below many other states in terms of median household income.

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