Living ‘comfortably’ can be a subjective concept that varies from person to person.
However, a recent study conducted by SmartAsset, a financial advising company, reveals that achieving this comfort is becoming increasingly expensive in Florida and across the United States.
According to the study, a single adult in Florida requires an annual income of $97,386 to live ‘comfortably,’ while a family of four needs $217,651.
Nationally, the analysis indicates that individuals across various U.S. states need to earn an average of $5,844 more than the previous year to maintain a comfortable and sustainable budget.
For families of four, this figure is even higher, necessitating an additional $9,360.
These amounts draw attention to the significant gap between the income levels required for comfort and the median earnings in Florida, stated by ZipRecruiter to be around $49,261 in 2025.
This median equates to approximately $23.68 per hour, positioning it beneath the amounts deemed necessary for comfort.
SmartAsset’s study utilizes the 50/30/20 budget rule to define its comfort levels:
– 50% of income is allocated for necessities (housing, groceries, transportation, utilities, healthcare).
– 30% for discretionary spending (entertainment, dining, hobbies, travel, shopping).
– 20% designated for savings and debt repayment (emergency funds, retirement savings, debt paydown, and investments).
For example, in a significant urban center, if an individual needs $48,250 for basic needs (50% of their income), the remaining budget allocates $28,950 for discretionary spending (30%) and $19,300 towards savings and debt repayment (20%).
While Florida ranks No. 22 in terms of expense, it is far from the most costly state in the nation.
Hawaii holds the top spot, requiring a hefty single income of $124,467, while Mississippi ranks the lowest, with a comfortable living threshold set at $86,320.
When examining the needs of a family of four specifically, Florida drops to 31st place, indicating a relative affordability compared to other states.
Overall, the study asserts that a single American must earn at least $84,000 a year to feel comfortable anywhere in the country; however, in over 15 states, this threshold rises above $100,000.
Additionally, a family of four’s combined income must reach approximately $235,000 to enjoy a comfortable lifestyle in a major U.S. city.
To further illustrate the cost of living, a previous report from Yahoo! Finance highlighted the most expensive Florida cities.
Key Biscayne emerged as a costly option, with average mortgage payments of $22,112 and monthly expenditures around $2,303.
As of January 2024, the average home value in Key Biscayne was reported to stand at a staggering $3,738,140.
The top 10 most expensive cities in Florida, according to the study, are as follows:
1. Palm Beach
2. Jupiter Island
3. Golden Beach
4. Manalapan
5. Bal Harbour
6. Gulf Stream
7. Key Biscayne
8. Jupiter Inlet Colony
9. Golf
10. Ocean Ridge.
It’s essential to acknowledge that individual spending habits will influence the income required to achieve a desired comfort level.
Individuals with a penchant for frequent travel or dining out will require a higher income compared to those with more modest preferences.
The SmartAsset study utilized data from the MIT Living Wage Calculator, which assesses basic living costs for individuals and families, factoring in essentials such as housing, food, transportation, taxes, and miscellaneous expenditures.
The latest update for this data was on February 10, 2025, ensuring the figures reflect current circumstances.
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