Yahoo Finance 46% of Florida households struggle financially, report says, and may be just 'one emergency away' from poverty
Florida might be one of America’s fastest growing states — but many of its residents may be struggling to afford living there, a recent report suggests.
About 46% of Florida households — or over 4 million — struggled to pay for basic necessities in 2022, according to United for ALICE.
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ALICE stands for “asset-limited, income-constrained, employed” and refers to households that are above the federal poverty line but still earn less than what the organization says it takes to afford the basics in the area where they live. This includes rent, food, transportation, health care, child care, technology, taxes and 10% of a budget for savings or emergencies.
The figure cited above includes 13% of households across the state that earn below the federal poverty level plus 33% of households considered ALICE.
Why people are still moving to the Sunshine State
Florida is one of the fastest growing states in the country, adding 365,205 residents in 2023, according to the Census Bureau.
It’s long been considered a popular haven for retirees due to its warm weather, senior communities and cost of living — which is 2% lower than the national average, per RentCafe.
It boasts a decent job market compared to the rest of the nation. A December Wells Fargo report says that although the U.S. economy has been slowing, “strong economic fundamentals fueled by steady in-migration and a flood of corporate relocations raise the odds that Florida continues to outshine the nation over the next few years.”
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There's a maelstrom of costs
Despite its population gains, there have been several reports of residents fleeing Florida due to other factors, such as surging insurance costs and the political climate.
A number of extreme weather events, coupled with insurance providers either leaving the state or hiking their rates, has led to this situation.
In addition, the state has one of the highest grocery costs in the nation, according to an analysis from HelpAdviser.
Leah Stockton, the Keys area president for United Way of Collier and the Keys, points to households teetering on the brink. About 43% of households in the Florida Keys and Key West are below the ALICE threshold.
Stockton [told](https://news.wfsu.org/state-news/2024-07-11/a-report-finds-half-of-florida-households-struggle-to-make-ends-meet WSFU News there are “a lot of people in our community that live on the edge, one emergency away from falling further behind into poverty.
She added: “One crisis, whether it's a hurricane, whether it's losing your job, having a serious illness, whatever it may be, can just set off a chain reaction that takes months, years, or people sometimes never fully recover from in their life.”
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