Sorry, Floridians: Florida ranks pretty low in household earnings

If you live in Florida, you know the state has a diverse industry base, from space to tourism to healthcare to technology.

For those who don’t live in Florida, they see the Sunshine State as two things – a vacation destination and a retirement community.

Either way, the state has plenty of money that flows into it.

So when the Census Bureau released data recently showing what the typical household earns in every state and Washington, D.C., it was surprising that Florida was so low on the list.

How low? Thirty-second. Right behind Arizona and just above Michigan.

More:Will the World Cup be coming back to Orlando?

More:HGTV 'House Hunters' to feature family — 10 years after first appearance on the show

More:Promise in Brevard offers lots of promise

The national average for household income according to the Census Bureau is $75,885.

Florida’s average is $69,936, a whopping $6,000 below the national average.

However, that figure could be a bit deceiving, according to Sean Snaith, Ph.D., the director of the University of Central Florida's Institute for Economic Competitiveness.

“A factor that doesn’t come up in these reports is Florida doesn’t have a state income tax,” Snaith said. “Earnings are one thing, but the thing that matters to households is what is left to spend after taxes. When you look at straight-up earning, Florida comes in below some of these other states that have high taxes. When you net it out, the picture is not as bad as looking at straight income might suggest.”

Only seven states do not have income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. South Dakota is the only non-income tax state to have a lower average household earning than Florida.

Only 19 states and D.C. are above the national household earnings average.

Mississippi, which ranks highest in poverty rate in the U.S., ranked last, with an average of $56,358.

The District of Columbia, which has the highest minimum wage at $12.50, comes in at a hefty $110,614.

More:Harris marks four decades of having its headquarters in Brevard

More:State provides $500,000 grant to EDC to help w/military safety issues

More:What if Florida were California: Would the Sunshine State be thriving or diving?

Should it come as a surprise that the hub of politicians has the highest average? Probably not.

Four of the five wealthiest counties in the U.S. are in the D.C. Metro area.

“Big government equals big money,” Snaith said. “The government has grown substantially, with a lot of expansion of programs like Dodd-Frank, the Affordable Care Act, and others. All of these are generally high-paying jobs.”

Behind D.C. for household earnings are three states that break the six-figure barrier: Maryland ($100,071), New Jersey ($101,634) and (Connecticut: $102,616).

While Florida wouldn’t be expected to stand up against those figures, it still seems strange to hear that the Sunshine State is below states like Nebraska (28), Wyoming (22) and North Dakota (19).

“The Florida economy is a pretty diverse economy,” Snaith said. “We have a fair share of the state that is very rural, not developed. Income in those part of the state will be lower than, say, Miami, for example.

“There’s been a lot of work over the last few decades to diversify the Florida economy. Progress has been made on that front. Areas like Medical City in the Lake Nona-Southeast Orlando area, where high-skilled, high-paying jobs have been created. Also, the resurgence on the Space Coast following the harsh effects of the shutdown of the shuttle program.

“A lot of high pay jobs are being created, but tourism continues to grow and that has seen robust recovery since the end of the recession nationally.”

More:Port Canaveral $4 million cargo upgrade project completed -- ahead of schedule

More:10 things you probably don't know about the Space Coast

More:Orlando Melbourne airport labeled one of the world's most scenic approaches

The numbers are in Florida's favor. According to U-Haul's ranking of "Growth States," which is calculated based on the net gain of one-way U-Haul truck rentals entering a state versus leaving a state during a calendar year, Florida ranked second only behind Texas.

Also, according to more U.S. Census data, Florida had the largest gain in people moving to the state from 2016 to 2017, netting 188,197 people.

Many are moving from northern states, which means more wealth settling in Florida.

Florida might not be able to catch D.C., Connecticut or New Jersey any time soon, but if Snaith had a crystal ball, he’d bet Florida will continue to move up the list over the next decade.

“Florida will continue to move up the ranks,” Snaith said. “We will continue to have economic growth, higher than what we’re seeing nationally, and many other areas just won’t have the population growth Florida does. They don’t have the job growth Florida does. Over time this is going to transform the structure of Florida’s economy and incomes along with it.”

National household earnings

What the typical household earns in every state and D.C., using data from the Census Bureau.

National average: $75,885

51. Mississippi: $56,358

50. West Virginia: $57,779

49. Arkansas: $58,850

48. Alabama: $60,601

47. Kentucky: $61,757

46: New Mexico: $63,057

45. South Carolina: $64,115

44. Idaho: $64,513

43. Louisiana: $65,229

42. Tennessee: $65,368

41. Montana: $65,410

40. Oklahoma: $65,458

39. Indiana: $66,480

38: Maine: $67,001

37. Missouri: $67,210

36. North Carolina: $67,367

35. Ohio: $68,341

34. South Dakota: $68,419

33. Michigan: $68,928

32. Florida: $69,936

31. Arizona: $70,432

30. Iowa: $70,708

29. Nevada: $70,855

28. Nebraska: $71,166

27. Georgia: $71,420

26. Wisconsin: $71,459

25. Kansas: $71,975

24: Oregon: $72,013

23. Vermont: $73,016

22. Wyoming: $74,667

21. Pennsylvania: $75,235

20. Texas: $77,585

19. North Dakota: $78,828

18. Rhode Island: $79,024

17. Utah: $79,414

16. Delaware: $80,432

15. Illinois: $81,865

14. Minnesota: $83,100

13. Washington: $84,022

12. Colorado: $84,384

11. New Hampshire: $87,900

10. New York: $89,397

9. Virginia: $90,881

8. California: $91,149

7. Hawaii: $91,169

6. Alaska: $92,191

5. Massachusetts: $97,295

4. Maryland: $100,071

3. New Jersey: $101,634

2. Connecticut: $102,616

1. District of Columbia: $110,614