The latest poll from Florida Atlantic University reveals a state grappling with an escalating cost of living, which is severely straining the "American Dream" for many residents. While a majority of Floridians hold onto a sense of optimism, the high cost of housing and everyday expenses have become major threats to financial stability.
A slim 53% of Floridians "believe the ‘American Dream’ still holds true today," but a significant 42% "think it no longer does, suggesting a fragile optimism," according to the "American Dream Sentiment Survey." It was released last week.
The primary driver of this economic anxiety is simple: the cost of living. About 90% of those polled said they are "at least somewhat concerned about inflation," and 80% are concerned with housing affordability.
"Floridians believe in the ‘American Dream,’ but they are paying dearly for it," said FAU's Monica Escaleras, Ph.D., chair of the department of economics and director of FAU's Business and Economic Polling Initiative.
"The Florida promise of sun, growth and upward mobility remains alive, but it is getting expensive to hold on to," she said.
Living paycheck-to-paycheck
The poll found that 43% of respondents "say they live paycheck to paycheck," with an additional 26% stating they do so "occasionally." This lack of financial cushion is highlighted by the fact that only 48% "have an emergency fund covering at least three months of expenses."
“For most Floridians, financial security feels one expense away from collapse... Many of those surveyed attributed the high cost of living to not being able to save more," Escaleras said.
The pressure of high expenses has pushed a significant number of current residents to consider leaving the state. The survey found that nearly 50% of Floridians surveyed say they have considered moving out of Florida due to the cost of living.
Eric Levy, assistant director of FAU’s BEPI, called the finding a critical indicator of the state's economic health.
“The moving consideration rate is striking as it suggests that while Florida attracts new residents, many current ones feel squeezed enough to think about leaving,” Levy stated. “An affordability anxiety shadows Florida’s boom economy: can residents afford to live here and provide for themselves?”
The poll found about 77% who said they still view "homeownership as part of the ‘American Dream’."
But the confidence in achieving homeownership is lower, with only 51% saying they are "at least somewhat confident they could buy a home today."
On the whole, 79% of Floridians are "at least somewhat confident" that their household's financial outlook "will improve in two to five years."
The “American Dream Sentiment Survey” was conducted using an online panel sample of 1,000 American adults between Sept. 30 and Oct. 10.
Would you like me to find the most recent median housing and rental price data for Florida to illustrate the high costs mentioned in the poll?
