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PRESENTATION OF DATA 24 Demographic Characteristics and Trends Due to its temperate weather and relatively low taxes, South Florida has long been a popular retirement destination. As a result, South Florida's median age of 40.8 years is two years older than that of Florida and over five years older than the national average. Overall South Florida's level of affluence and educational attainment is consistent with national averages. Within the South Florida market however, there are notable differences between counties with regard to income and educational attainment levels with Palm Beach County having the area's highest levels and Miami-Dade County having the lowest. Overall, nearly 30% of the region's population holds a Bachelor's degree or better and approximately 18% of its households have annual incomes of greater than $100,000. Other items of note: • The South Florida population is older than state and national averages. Palm Beach County is the oldest with a median age of 43.8 years. Miami-Dade and Broward Counties' median ages are 38.8 years and 39.9 years, respectively. Florida has a median age of 38.7 years compared to the national average of 35.3 years. • According to the US Census Bureau South Florida's median household income tumbled more than 14% in five years, although the decline appears to be slowing. In 2011, the median household income fell to $48,880 in Broward County; $40,552 in Miami-Dade County; and $48,953 in Palm Beach County. The current median family income for Florida is $54,777. Real median family income peaked in 2007 at $63,084 and is now $8,307 (13.17%) lower. • The Census Bureau found that the number of South Floridians living below the poverty level has also increased over the past five years. In 2007, about 8.5% of families in Broward County and 6.7% of families in Palm Beach County were in poverty. Last year, 11.1% of Broward families and 11.6% of Palm Beach County families were in poverty. Approximately 15.6% of Miami-Dade residents live below the poverty level versus 15.6% for overall Florida. Demographic Characteristics —South Florida vs. United States Characteristic South Florida U.S. Median Age (years) 40.0 37.0 Average Annual Household Income $64,767 $69,636 Median Annual HH Income $43,311 $49,231 by Annual Income Level: < $25,000 29,4% 25.4% $25,000 to$49,999 26.8% 25.3% $50,000 to$74,999 16.9% 18.1% $75,000 to$99,999 10.2% 11.7% $100,000 plus 16.8% 19.5% Clobus, McLemore & Duke, Inc.