Are you finding it hard to keep up with the Joneses? If so, it could be you’re earning a lower-than-average salary in Florida. Alternatively, perhaps the shiny things in your neighbors’ driveways are masking their own financial struggles.
Regardless of what your neighbors are up to, many Floridians are facing a harsh truth: even as inflation cools down, the cost of living isn’t decreasing.
So, a strong salary is more important than ever. Using data from the Bureau of Labor Statistics, we’ll show you if your income is on par with the average for Florida and the nation.
Determining Average Salary
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Forbes did a deep analysis of the cost of living by state in 2024. As part of their study, they used salary data from the Bureau of Labor Statistics (BLS).
While the BLS’ salary data is from May 2022, it was the most recent information available at the time of Forbes’ study.
Without further ado, flip through the slideshow below to see the average salaries Americans from each state are earning.
1: Massachusetts
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Average annual wage: $76,600
2: New York
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Average annual wage: $74,870
3: California
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Average annual wage: $73,220
4: Washington
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Average annual wage: $72,350
5: New Jersey
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Average annual wage: $70,890
6: Maryland
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Average annual wage: $69,750
7: Connecticut
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Average annual wage: $69,310
8: Colorado
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Average annual wage: $67,870
9: Alaska
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Average annual wage: $66,130
10: Virginia
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Average annual wage: $65,590
11: Rhode Island
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Average annual wage: $64,530
12: Illinois
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Average annual wage: $63,930
13: Minnesota
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Average annual wage: $63,640
14: Oregon
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Average annual wage: $62,680
15: New Hampshire
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Average annual wage: $62,550
16: Delaware
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Average annual wage: $62,260
17: Hawaii
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Average annual wage: $61,420
18: Vermont
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Average annual wage: $59,190
19: Arizona
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Average annual wage: $58,620
20: Pennsylvania
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Average annual wage: $58,470
21: Georgia
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Average annual wage: $58,000
22: Michigan
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Average annual wage: $58,000, which ties Michigan with Georgia.
23: Utah
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Average annual wage: $57,360
24: Texas
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Average annual wage: $57,300
25: Ohio
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Average annual wage: $56,530
26: North Carolina
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Average annual wage: $56,220
27: Wisconsin
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Average annual wage: $56,120
28: Florida
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Average annual wage: $55,980
29: Maine
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Average annual wage: $55,960
30: North Dakota
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Average annual wage: $55,800
31: Nevada
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Average annual wage: $55,490
32: Nebraska
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Average annual wage: $55,070
33: Missouri
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Average annual wage: $54,520
34: Wyoming
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Average annual wage: $54,440
35: New Mexico
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Average annual wage: $54,400
36: Iowa
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Average annual wage: $53,520
37: Indiana
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Average annual wage: $53,500
38: Kansas
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Average annual wage: $52,850
39: Tennessee
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Average annual wage: $52,820
40: Montana
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Average annual wage: $52,200
41: Kentucky
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Average annual wage: $51,490
42: Idaho
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Average annual wage: $51,350
43: Louisiana
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Average annual wage: $50,940
44: Oklahoma
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Average annual wage: $50,940, tying Oklahoma with Louisiana.
45: South Carolina
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Average annual wage: $50,650
46: Alabama
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Average annual wage: $50,620
47: South Dakota
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Average annual wage: $49,890
48: West Virginia
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Average annual wage: $49,170
49: Arkansas
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Average annual wage: $48,570
50: Mississippi
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Average annual wage: $45,180
Massachusetts For the Win
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Not only do Massachusetts residents have the highest annual average wages in the country, but they also have the third highest disposable income in America, with $22,740 of spending money left each year after accounting for cost of living expenses (housing, healthcare, taxes, food, and transportation).
Impressively, Bay Staters get to enjoy their $22,740 disposable income despite shelling out $53,860 per year on basic living expenses. So, even though Massachusetts has the second-highest cost of living in the nation, it’s a prime example that a state’s cost of living alone doesn’t paint a full financial picture.
Mississippi Struggles
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Mississippi is essentially the exact opposite of Massachusetts from a salary and cost of living perspective. Not only does the Magnolia State rank the worst in the nation for a low salary, but it ranks 49th in the U.S. for disposable income.
After taking into account an average total cost of living of $32,336, which is the lowest cost of living in the country, Mississippians only have $12,844 left in annual disposable income.
Lower Pay
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In March 2024, the BBC reported that many Americans looking for jobs are encountering lower wage offerings than in the past. That echos data from a 2023 ZipRecruiter study, which revealed that of the 2,000 companies they surveyed, 48% of those companies had lowered pay for certain positions.
While seeing lower salary offers when looking for a job — or receiving a pay cut on the job — is understandably unsettling for Americans, some experts suggest it’s normal.
The reason? Due to the COVID-19 pandemic, many job sectors were having trouble finding help during what some are calling the Great Resignation. During that time, many employers raised salaries higher than what would normally be the going rate in order to attract employees.
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