FLORIDA – According to a MoneyGeek analysis, Florida cities are among those experiencing a shrinking middle class, as rising living costs and stagnant wages contribute to economic shifts.
The middle class in Florida is facing significant challenges due to rising costs of living and stagnant wages, with cities like Miami, Tampa, and Orlando experiencing a noticeable decline in middle-income households.
A Pew Research study shows that the national middle class has shrunk from 61% in 1971 to 51% in 2023, and Florida mirrors this trend.
A MoneyGeek analysis found that out of 600 U.S. cities studied, 367 saw a decline in their middle-class population between 2017 and 2022, including several in Florida.
In cities like Miami, skyrocketing housing costs have made it harder for families to remain in the middle class.
MoneyGeek defines “middle income” as earning between two-thirds and double the city’s median household income, meaning that families earning $150,000 in Miami may still be considered middle class, while in smaller cities like Ocala, this income would place them in the upper-income bracket.