Residents are top earners in passive income

A new report says Central Florida residents are tops when making a few thousand extra dollars through passive income per year.

U.S. Census Bureau data shows Florida households are among the top earners, according to researchers at ChambersofCommerce.org

The Daytona-Daytona Beach-Ormond metropolitan area features 16.1% of households earning passive income from interest, dividends, and/or net rental income.

Central Florida resident earnings of $4,700 in passive income from households who receive it is higher than the national average median of $4,200.

However, race factors heavily into who’s receiving the money.

White non-Hispanics account for 25% of the households that have passive income as opposed to just 7% of Hispanic households and 6% of Black households, according to researchers.

White non-Hispanics also earn more significant amounts and are more likely to make extra money than other racial groups.

The report says this additional income makes up a larger share of income for wealthy households.

Just 10% of the wealthiest American households own 89% of all U.S. stocks, according to the report.

Additionally, almost 50% of the nation’s wealthiest households own residential property compared to 13% of American households.

Researchers created their data using earnings and income data from the U.S. Census Bureau.

Metro areas were ranked by median passive income from homes that received it, including the percentage of households with passive income, median total income, and the poverty rate.

Only metropolitan areas with at least 100,000 people were included in the study.