South Floridians got richer between 2019 and 2022
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The median household income across the Miami-Fort Lauderdale-Pompano Beach metro area rose 1.8% between 2019 and 2022, per new Census Bureau data.
- The area's median income was $70,769 in 2022, compared with $69,522 in 2019, adjusted for inflation.
By the numbers: The share of local residents making less than $25,000 annually decreased from 20% to 18% between 2019 and 2022, while the share making over $100,000 increased from 28% to 35%.
Details: The new data comes by way of the U.S. Census Bureau's 2022 American Community Survey (ACS) one-year estimates, released last week.
- The ACS is one of the best resources available for a regularly published quantified look at myriad facets of American life.
The big picture: Nationally, median household income fell 1.6% between 2019 and 2022, adjusted for inflation.
- That trend "explains why Americans have felt so meh about the strong economy over the past couple years," Axios Markets' Emily Peck writes based on similar, yet slightly different, data released last week.
The intrigue: The pandemic "changed the geography of where money is made in the United States," Axios Macro's Neil Irwin reports, as many higher-income Americans decamped from cities like New York and San Francisco to "rural and exurban places and in popular vacation destinations."
Of note: Because the latest ACS release is based on 2022 data, it's capturing what some call the "late pandemic era," when many elements of normality returned but the pandemic still affected many aspects of life.