The majority of Floridians are hanging on to the “American Dream,” but rising housing costs and everyday expenses make it difficult to achieve, according to a new poll from Florida Atlantic University’s Business and Economic Polling Initiative (BEPI).
- While a majority (53% of Floridians) believe the “American Dream” still holds true today, 42% think it no longer does, suggesting a fragile optimism.
“Floridians believe in the ‘American Dream,’ but they are paying dearly for it,” said Monica Escaleras, Ph.D., chair of the department of economics and director of BEPI. “The Florida promise of sun, growth and upward mobility remains alive, but it is getting expensive to hold on to.”
Economic Issues Facing Floridians
The “American Dream Sentiment Survey” examined key facets of Floridians’ economic concerns, household budgets, and constraints to see if the “American Dream” still feels attainable to Floridians. Produced by BEPI in the College of Business, the survey provides insights into the most significant economic issues for residents of the Sunshine State.
Pressure Point
The high cost of living is a pressure point for the state, as 90% of residents are at least somewhat concerned about inflation, and 80% are concerned with housing affordability.
- Living paycheck to paycheck due to affordability issues has also become the norm, with 43% of respondents saying they live paycheck to paycheck, while 26% said they do so occasionally. Only 48% have an emergency fund covering at least three months of expenses.
“For most Floridians, financial security feels one expense away from collapse,” Escaleras said. “Many of those surveyed attributed the high cost of living to not being able to save more.”
May Pack Bags
Nearly 50% of Floridians surveyed say they have considered moving out of Florida due to the cost of living.
- “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,” said Eric Levy, assistant director of FAU’s BEPI. “An affordability anxiety shadows Florida’s boom economy: can residents afford to live here and provide for themselves?”
American Dream
Despite economic constraints, 77% still see homeownership as part of the “American Dream.” However, only 51% are at least somewhat confident they could buy a home today.
- In terms of future outlook, 36% are very confident that their household will improve in two to five years, and another 43% are somewhat confident.
The survey is based on a panel sample of American adults aged 18 and older. The survey was administered using online data collection using REP DATA. A total of 1,000 respondents were sampled between Sept. 30 and Oct. 10, with a margin of error of ±3.02 percentage points. Responses for the entire sample were weighted to reflect the national distribution of the American population by region, education, gender and age according to the latest American Community Survey data. Full results and cross-tabulations are available here.