Drew Dixon
When it comes to discretionary spending, Floridians have more money to throw around compared to residents of other states.
A new study conducted by StorageCafé, a self-storage service, compared discretionary income, spending habits and financial well-being across America. Florida ranked fifth in the country.
Storage Café used data from the U.S. Census Bureau of Economic Analysis on personal consumption expenditures in each state. The study analyzed personal consumption, household income from 2022 and growth in income between 2018 to 2022.
Floridians are doing pretty well, financially speaking, according to the StorageCafé analysis. Floridians spend more than $13,800 per household each year on nonessential goods and items, the study found. That accounts for about 25% of each household’s expenses.
“This includes instant gratification through goods and experiences such as streaming services, specialty coffee, impulse buys, and vacations. While these might seem like small expenses, they can add up to a million dollars over a lifetime,” the analysis concluded.
People in Florida like to blow cash on increasingly frivolous purchases, too. They like to eat at restaurants, purchase outdoor gear and getaway vehicles.
Floridians aren’t throwing as much money at seemingly more serious expenditures, though.
“Floridians are tightening their belts in business experts and professional assistance, spending less than the national average on these expenditures,” the StorageCafé analysis found.
In terms of income growth between 2018 to 2022, Floridians were ranked eighth in the nation on that end. About 33% of households in the state made more than $100,000 annually in 2022. That’s a jump from the 24% of state households in Florida that made that much in 2018.
Colorado was at the top of the rankings. Households there spent nearly $16,000 on discretionary expenditures and made about $119,000 in income.
Utah was ranked second, followed by Washington and California.
Florida was the only state in the southern U.S. to be ranked in the top 10 for financial well-being.
Mississippi was ranked worst in the U.S. for financial well-being, followed by Arkansas, Oklahoma, Louisiana and West Virginia.
