Net Worth for Floridians: How Much To Be Poor, Middle Class or Rich in Florida

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Florida is known for a lot of things, to put it mildly. From the beaches of Miami to the wonders of Disney World, there’s a lot to love about the Sunshine State. So much to love, in fact, that many people — including those fleeing the burden of scraping the ice from their cars every winter — want to head to the warmer, sunnier climate. And who can blame them? However, moving to any new place involves gauging where you stand economically.

So much about your quality of life — beyond never having to salt your stairs again — depends whether you could comfortably be considered poor, middle class or wealthy. Life in Florida is no exception. GOBankingRates took a look at the standards for being considered poor, middle class or rich in Florida.

Poor Floridians

The U.S. Census Bureau defines poverty based on pre-tax income against a set poverty threshold. More simply put, people who could be considered poor would have a low net worth, traditionally between $0 to $10,000. The definition assumes that there’s little to no home equity or retirement savings, along with some debt.

While that definition certainly seems applicable in Florida, the human services website for Hillsborough County adds greater clarity about who can apply for social services and other benefits, based on where they fall within percentages of poverty levels. For a household with a single person, an income of $15,060 would put you at 100% of the poverty level, while $20,044 for a two-person household would meet the same standard. A four-person household making $31,200 would also align with 100% of the poverty level.

Middle-Class Floridians

The term middle class is tossed around easily and casually. However, the reality of what it means to be in the middle class can feel wildly disparate, ranging from having enough to pay your mortgage and take the kids to Disney World every so often, to pinching every penny as you strive to get just a little more comfortable.

In fact, the income range that qualifies as middle class in Florida can be wildly diverse, making a world of difference in your ability to do everything from own a home to plan your beachfront retirement:

• Two-person family middle-class income range in Florida: $41,696 to $124,466
• Three-person family middle-class income range in Florida: $45,512 to $135,858
• Four-person family middle-class income range in Florida: $54,322 to $162,154
• Average adjusted gross income of the top 20% in Florida: $122,778
• The minimum you need to make to be in the top 20% in Florida: $122,779

Upper-Middle-Class and Rich Floridians

Reaching the upper echelons of the middle class, or even becoming outright rich, takes a lot of hard work and more than a little luck these days. If you happen to live in Florida, the minimum you need to make to be within the top 20% of earners is about $122,779

People in Florida who make it to the upper middle class could have a net worth that varies from $116,898 to $150,650, according to a recent GOBankingRates piece examining the line between middle class and upper middle class in every state. The lowest end of the income spectrum for people who could be considered upper middle class is $105,000, while the higher end of income veers toward $135,835.

To be considered truly wealthy in Florida, you should be making about $476,546 — and of course, having millions in your savings doesn’t hurt.

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