A new Yahoo Finance/Marist Poll survey reveals growing financial pressure on many Americans, with 45% saying the cost of living in their area is unaffordable and one in three reporting their personal finances have worsened over the past year.
The poll, conducted June 13–17 among 2,575 U.S. adults, found that 55% of respondents believe their local cost of living is affordable, with younger generations expressing more optimism than older Americans. Gen Z and Millennials were more likely than Baby Boomers to describe their area as “very affordable.” Men were also more likely than women to say their cost of living was manageable.
Personal Finances Under Strain
Financial setbacks were most commonly reported among lower-income households and older generations. While 27% said their finances had improved over the past year, 33% said they had worsened, and 40% reported no change. Nearly half (47%) of households earning under $50,000 annually reported worsening finances, compared with 27% of higher earners.
Savings and Budget Challenges
Americans are split on satisfaction with their savings. Just 25% said they were completely or very satisfied with their financial reserves, while 31% expressed strong dissatisfaction. Those in lower-income households were three times more likely to be completely dissatisfied than higher earners.
When it comes to monthly budgets, 45% said their income roughly matches expenses, 29% reported that expenses exceed income, and 27% said their income consistently surpasses expenses. Among households earning less than $50,000, 42% said their expenses outpace their income—nearly double the rate for higher earners.
Coping with Financial Shortfalls
When expenses outweigh income, 41% said they would cut spending, 26% would dip into savings, 23% would use a credit card, and 10% would borrow money. Lower-income households were more likely to cut spending than use credit or savings.
Credit Scores and Financial Decisions
Credit scores factored into financial decisions for 44% of Americans over the past year, with Millennials the most likely to report this. While 42% said their score helped them reach financial goals, 19% said it hurt their ability to do so. Lower-income respondents were more than twice as likely as higher earners to say their credit score was a hindrance.
Most Americans—78%—know their credit score, and 72% said they have a good or great understanding of how spending and saving affect it. Knowledge levels were higher among men and those with incomes above $50,000.
Net Worth Awareness Lacking for Many
More than four in ten Americans either do not know or are unsure of their net worth, defined as total assets minus liabilities. Awareness was highest among older and higher-income respondents, with 68% of those earning $50,000 or more saying they know their net worth, compared with 39% of lower earners.
The survey’s margin of error is ±2.1 percentage points.
In Florida, data from SmartAsset shows that a single adult needs nearly $97,400 annually to afford not just necessities but also hobbies, vacations, emergencies, and retirement savings. Families of four need about $217,650. In contrast, median earnings fall well short: single adults earn around $65,800, and households of four average $107,700—highlighting a substantial affordability gap.
Florida’s housing market is beginning to cool after pandemic‑era surges. From June 2024 to June 2025, the statewide median home sale price dropped from $427,000 to $412,000, while inventory rose 24%.
However, in Miami, affordability continues to erode: the city posted a 59% delisting ratio in June as reluctant sellers remove listings rather than reduce prices.
Rising Insurance Premiums Remain a Burden
Homeowners insurance premiums in Florida are among the highest in the U.S., with rates tripling in recent years due to hurricane risk and climate pressures. These high costs further strain household finances, especially in disaster‑prone areas.
Renters Hit Hard by Luxury Build-Outs
A Harvard study reveals nearly a 60% drop in Florida rental units priced under $1,000/month over the past decade, pushed out by a boom in luxury apartment construction.
Targeted Tax Relief Offers Some Relief
The new 2025–26 Florida budget includes $2 billion in tax relief, making sales tax exemptions permanent for hurricane‑related goods and back‑to‑school items, and introducing a “Second Amendment” tax holiday for camping gear from September through year‑end.
Summary Table
| Factor | Florida Status Today |
|---|---|
| Income vs. Comfortable Cost | Median earnings fall far below “comfortable” thresholds |
| Homeownership | Prices cooling, but delisting & insurance remain hurdles |
| Renting | Affordable options dwindling amid luxury developments |
| Tax Relief | New exemptions provide some relief on essentials |
Florida’s financial dynamics reflect wider national distress, but also include state-specific pressures—from soaring insurance and housing costs to eroding rental affordability. While tax incentives may offer temporary relief, many Floridians—especially lower-income households—continue to face economic hardship.
Let me know if you’d like to add local quotes, city-level breakdowns, or dive deeper into how generational and income differences play out across Florida.
