Cultural Question: Why is Perceived Status (appearing wealthy) So Important in South Florida? (Miami: mortgages, homes)

[tallrick]

Originally Posted by straight shooter

Cool, your a Mopar guy.

Yes, although I also have a Ford truck and van. Both diesel of course.

[Alex =]]

Originally Posted by pmichaeljones

Just some background on myself: I'm a Midwestern Miami transplant.

I've been in Miami for about 16 months now. I moved here from Minneapolis (my college town) to get out of the winter, live near the ocean and try something new. I grew up in Green Bay, Wisconsin.

That said, my question for you all:

Why is perceived status so important in Miami and the surrounding cities?

If you've lived here for over a month, you start to realize that BMWs, Mercedes and Porsches are like the Honda Civics of the north. You see them EVERYWHERE. However, it's also pretty easy to figure out that not everyone can afford them. I've heard about some of the ridiculous loans people take out to buy these luxury cars, and it blows my mind. A Coral Gables friend of mine has something like a 14% interest car loan!!!

Beyond the cars, you have the watches. I've never lived in a place where the size and brand of your watch was so important. I know a guy, a server, who has an $8,000 watch. WTF! Why???

Why is it that people in the majority of the US (think Minneapolis, Chicago, Ohio, Seattle, Virginia, Tulsa, Austin, Denver, Portland, etc) are more content wearing $150 watches and driving reasonably priced cars, that they can afford to pay off, than the people of South Florida?

My friends and I have pondered the idea.

A couple say it's because of the Cuban population and the fact that so many of them (or their parents) had NOTHING when they came here, that they now want to show off how they've succeed in the USA, so they finance a car they can barely afford and wear a watch the size of a hubcap.

Others say it's because of the foreign wealth that uses Miami and Broward as their playground. Regular citizens have gotten so used to seeing billionaire Russians and Venezuelans cruising around Biscayne and eating in Midtown that they've embodied that similar lifestyle, even though they can't afford it.

The rest of us are just plain confused. Some grew up or lived in NYC, where they witnessed similar spending habits, but the rest of us are Midwesterners, and we grew up in a place where your possessions did not determine who you were. The richest guy in my city, a millionaire, drove a Chevy Tahoe...without rims!

So my question for all of you locals and transplants, why is appearing wealthy and having a high "perceived status" so important in Miami when it isn't that important in many other parts of the USA.

Thanks!

Why do you believe people cannot afford their nice cars in Miami?

The concept of a strong middle/ upper / rich class of Spanish/Portuguese speakers cannot be accepted by your mind?

Open your mind, Spanish/Portuguese speaking Americans are not the maids you see in Hollywood movies.

[tallrick]

Because for the last decade, Miami has been below national median income, and above the cost of living. It is amazing that with all the "successful" wealthy immigrants the local incomes continue to stagnate while they try and feed asset priced pumped up by the Fed. There is nothing in the Miami area like resources or technology that can support this out of balance scenario. You know that a top-heavy economy always leads to collapse Growing the Middle Class: Connecting All Miami-Dade County Residents to Economic Opportunity | Brookings Institution

[Alex =]]

The local incomes continue to stagnate?

Not true.

Miami is very prosperous and Miamians have a higher quality of life than most U.S. Americans.

[tallrick]

Originally Posted by Alex =]

The local incomes continue to stagnate?

Not true.

Miami is very prosperous and Miamians have a higher quality of life than most U.S. Americans.

Please cite sources. Everyone I know who left Miami enjoyed an INCREASE in their standards of living. Surprisingly they all moved to smaller, supposedly poorer towns where the residents seem to have MORE disposable income. Reality sure is puzzling.

[cfo.evo]

In the industry I work in, the same (entry level) position pays $15k less in Tampa. I could look at places like in Cali, NYC, etc for comparable salaries, but I love that I get paid what I do and can enjoy it in a place like South Florida.

[straight shooter]

Originally Posted by Alex =]

The local incomes continue to stagnate?

Not true.

Miami is very prosperous and Miamians have a higher quality of life than most U.S. Americans.

Unfortunately Tallrick's statements are true. Miami's average income is below the national average and the cost of living is above average. The unemployment rate and poverty rate are abysmal and people receiving some form of Government help is above normal. Miami is prosperous in the sense that it has a lot of foreign money but most of its local economy and residents are struggling. Don't let an overabundance of BMW 3 series cars and Michael Kors handbags fool you, that is all on credit.

[elgato84]

After reading and reviewing numerous topics about Miami, I have noticed a trend from people who disagree with the realities of Miami, as Tall Rick refers, and those people like Alex are most likely of Latin or Cuban decent.

[elgato84]

Alex clearly disagrees because he is probably an immigrant himself, therefore anyone calling out Miami and it's issues is like insulting Alex because he is Cuban. I've also noticed that Latin immigrants don't like the unfortunate truth perhaps that Miami has become and it is a city of the super rich and super poor. The only middle class can be found in So. Miami, like Kendall.

[elgato84]

Wealthy Latin people in general are shallow, I am sorry to say.

The super rich of Latin America sees Miami as a playground if you will.

If you are a super wealthy Colombian you cannot show off your wealth in Colombia for fear of being robbed or kidnapped, so they come to Miami and buy a plush Condo on the beach, and drive their fancy cars and wear the gold jewelry without problems, because they can.