Wealth is arguably a relative term. Some people need a modest income to feel as if they are living well, while others may want as many modern comforts and as much security as money can provide them.
According to survey data from YouGov, most Americans believe they need to earn $100,000 to be "rich." According to Statista, a little over 30% of U.S. households earned $100,000 in 2020. However, that figure is for a household, not an individual.
Determining How Much it Takes to Be a Top Earner in Each State: The website Go Banking Rates wanted to know how much money it takes to be a top 20% and 5% earner in each state. So it used IRS data to find out.
How Did Florida Fare?: Florida came in 31st - meaning that there are 30 states where one needs a higher income than one would need in Florida to be in the top 20% of earners. According to the Go Banking Rates, one needs to earn a minimum of $115,411 to be in the top 20% of earners in Florida and $408,096 to be in the top 5%. Mississippi came in last, since one only needs to earn $96,204 per year to be in the top 20% in Mississippi.
What Florida City has the Lowest Threshold to be in the Top 20%?: The website SmartAsset recently examined which U.S. cities had the highest and lowest thresholds for being a top earner in the top 20%. The site looked at 100 metropolitan areas. One Florida city made this list and it was among the cities with the lowest threshold to be a top earner.
In Hilleah, Florida, one needs an annual salary of $80,436 to fall in the top 20% of earners in that city. In Hilleah, the median salary was found to be $38,471.
According to data from the United States Census, the median household income in Florida in 2020 was $57,703. However, data from the University of Florida suggests that it is possible that half of Florida counties have a median income that is lower.