A survey by Florida Atlantic University (FAU) reveals that nearly half of the Sunshine State’s residents are considering leaving the state, as life there has become unaffordable for some. The American dream is faltering under the weight of inflation and an unprecedented housing crisis.
Millions of Americans have fled the winter to settle under the sun and palm trees, drawn by the lack of income taxes and a once-affordable housing market. That narrative appears to be cracking.
According to the “American Dream Sentiment Survey,” published by FAU’s Business and Economic Polling Initiative (BEPI), 53% of Floridians believe the American Dream still exists, compared to 42% who no longer believe in it. “Florida’s promise of sunshine, growth, and social mobility is still alive, but it’s becoming increasingly expensive to hold on to it.”
The figure that caught the attention of economists and the media is quite stark: nearly half of the Floridians surveyed have considered leaving the state due to the cost of living, with 26% seriously considering it. It’s worth noting that Florida has seen record population growth in recent years. Now, 90% of respondents say they are “fairly concerned” about inflation, and 80% about the housing crisis. These concerns translate into painful choices between groceries, home insurance, and healthcare.
The survey reveals fairly widespread financial insecurity: 43% of respondents say they live paycheck to paycheck, and an additional 26% say they do so occasionally. This means that seven out of ten Floridians have no real financial cushion.
Another study corroborates this finding. According to an analysis by Advance America, Florida workers must work about 21 days a month just to cover their basic living expenses. That leaves little room to build savings.
At the heart of the American Dream lies the house, the lawn, the garage, and a paid-off mortgage. Only 51% now say they are fairly confident in their ability to become homeowners. Year after year, young households are seeing their ability to buy a home diminish.
Eric Levy, deputy director of the BEPI, does not hesitate to speak of an anxiety over affordability that hangs over the state’s booming economy: “Anxiety over affordability is casting a shadow over Florida’s booming economy: can residents still afford to live here and make ends meet?”
Florida has become a prime example of the problem posed by the concentration of wealth. Behind the staggering figures of billionaire fortunes lie deep imbalances that could threaten social cohesion, democracy, and economic development itself.
Extreme inequality can lead to fractured societies. Being born into poverty becomes a near-certain sentence, while being born into wealth almost automatically guarantees the maintenance of that status. This economic determinism can erode trust in institutions, fuel resentment, and feed populism.
Article translated with Deepl
