Florida offers a host of reasons one might want to live in the state but for many people, the lack of state income tax is the biggest reason. Because of this, the sunshine state has become a playground for the wealthy.
United States Median Household Income
As you’ll notice in the chart above, Florida falls well below the average median U.S. household income. In fact, according to U.S. Census data, the average household income in Florida is the 8th lowest in the country. But this is far from a representation of the wealthiest zip codes in the sunshine state.
Wealthiest Zip Codes In Florida
Zip code 33480 is located in Palm Beach County on the east side of the state. Golf courses, sandy beaches, and mansions are some of the main attractions here. When looking at the latest IRS Tax Return data from 2019, of the 8,570 people who filed their taxes in this zip code, 970 made $25K or less, but 4,250 people made $200K or more. Overall, the majority of residents in the 33480 zip code made $100K or more.
Highest Paying Jobs In Florida
According to the U.S. Bureau of Labor Statistics, the top paying jobs in Florida in 2021 were Anesthesiologist, Cardiologist, and Radiologist. With 4,970 people working these jobs in Florida and 30,144,900 people employed, that’s only 0.01% of the state working these types of high paying jobs.
Owning A Home In The Wealthiest Zip Codes In Florida
What would it take for someone to own a home in one of these zip codes? Let’s look at the average price of a home in the top 3 zip codes.
In September 2022, the median listing home price in zip code 33480 was $1.8M, trending up 63.9% year-over-year. Additionally, the median listing home price per square foot was $1.1K. Interestingly, the second wealthiest zip code actually saw higher listing prices but their overall price per square foot was just $100 less that the wealthiest zip code.
Conclusion
To become a part of the top 1%, you don’t necessarily have to have a PHD but you do need to know how to utilize your income to its maximum earning potential. Here at Wealthcare Financial, we’re able to offer guidance and advice for how to get to the 1% with your income through investments and other financial planning strategies. Give us a call today to see how we can help you plan for your future.
Fair Use Statement
Please feel free to use any of the graphics and figures from the data above as long as you provide a link back to the full study. We ask that you adhere to creative commons by linking back to the full study or our home page as attribution for our research.
Methodology
Figures were produced using data from the publicly available U.S. Census Bureau, Internal Revenue Service, and Realtor.com.