Looks like Miami is where I may end up

[go-getta-J]

Originally Posted by cakecakecake

Thanks for all the advice everyone! It's very helpful.

To the person that said it's a low income for Miami Beach, what would be a better target income?

I wouldn't worry about not making enough, just be sure to stay in your financial lane as living in Miami can get really expensive if you let it.

45k is a little bit tight if you ask me but you won't be partying at expensive SOBE clubs every week anyways. You can make it work if you can find a good deal on rent and not blow your discretionary income on $15 mixed drinks and fancy dinners. Try to find cheap/free hobbies that won't break the bank. The beach is always free, an L.A. fitness membership costs 30-40 bucks a month, tennis only requires shoes and a racket....catch my drift?

I think 65k is perfect for a single guy (what I make). Anything more is gravy. It's enough to enjoy a little slice of everything down here as long as you don't get sucked into the "lifestyle." Meaning don't come down here with the expectation of driving a 5 series BMW to LIV every weekend with your surgically enhanced girlfriend, and you should be fine at your income range.

[MiamiResident]

Originally Posted by cakecakecake

Thanks for all the advice everyone! It's very helpful.

To the person that said it's a low income for Miami Beach, what would be a better target income?

Most people who live in Miami Beach are upper and rich class. You must make at least 100K to live there to have a decent lifestyle. There is no middle class in Miami Beach, there is a poor class, those who live sharing bedrooms and have 5 adults living together in a 2 bedroom apt, and there are those who can afford a Miami Beach lifestyle (Their own place) and they are doctors, business owners, CPAs, people who make 100k and up.

You will be miserable if you move to Miami beach making 50K per year, you will not be able to save up money and accumulate wealth in the long run.

[StarfishKey]

Originally Posted by MiamiResident

Most people who live in Miami Beach are upper and rich class. You must make at least 100K to live there to have a decent lifestyle. There is no middle class in Miami Beach, there is a poor class, those who live sharing bedrooms and have 5 adults living together in a 2 bedroom apt, and there are those who can afford a Miami Beach lifestyle (Their own place) and they are doctors, business owners, CPAs, people who make 100k and up.

You will be miserable if you move to Miami beach making 50K per year, you will not be able to save up money and accumulate wealth in the long run.

That is ridiculous. I know 3 separate people who made between $35k-55k, all lived in apartments by themselves on Miami Beach. They were quite happy with it. The 2 on the lower end were living in crummier dwellings on the ground floor several blocks in, but had no crime incidents and were quite happy with it. The higher income friend had a one bedroom with a direct ocean view from something like the 10th floor, for $1500/mo. That was until she moved out just a year ago - it might go for a bit higher now, but hard to say since the apt. is always under renovation and because people haven't been able to use their balconies the complex cannot charge full price until whatever year they finally finish the work. Living on the beach does not require any further expense than whatever is the lowest rent you can find for a place you're willing to live in. My friend with the lowest income had a job there, so there was no need for commute, or really a working car (she had one, but it was semi-working). The other two friends commuted to the East side of the mainland for work via bus and then took the Metrorail. The friend at the highest income did not own a car at all and was not a partier, so she was able to save decent money up, which she then used to buy a new car outright and move to Broward when she got a new job.

There is no rule that says you have to spend money like an idiot just because you live in Miami Beach. If you can afford rent in any building on the island, you can do just fine if you really want to be there badly enough by living within your means.

Remember, Miami Beach does not just mean Ocean Dr. - it goes all the way up, and back quite a few blocks too. If you were talking about oceanfront views south of 14th St, then yeah, you will need big money. But just to be on the Beach at all, no.