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San Diego put themselves in this situation by clinging to a small time attitude even as it became one of the largest cities. Now you have people down here scapegoating "remote workers" and "foreign investors", as if rising RE values in San Diego is some kind of unnatural, unpredictable phenomenon.
I recruited tech/digital/creative professionals in the Miami market from 2016-2020, and Miami had one of the lowest salaries/hourly rates/day rates for that industry in the US. Despite housing costs soaring in that region.
I routinely spoke to all levels of talent in that niche who gave me stories of companies undercutting them big time with rates and salaries.
For example, I recall an Art Director with 15 years of experience telling me he routinely would see salaries in the $55-75k range or hourly rates up to like $35/hour with a variety of companies in Miami.
The same skill and years of experience Art Director could see $90-$110k in LA or Chicago, or $120-$150k in NYC or San Fran areas.
I've heard salaries are creeping up down there, but slowly.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Some, not all, locals are taking it in the shorts and have been displaced by transplants. That started with the passage of the 2017 Tax Cut & Jobs Act which capped SALT and took off like rocket fuel beginning the end of 2020.
Those who have relocated here from other higher COL states with their jobs/incomes, companies or wealth have still benefited in terms of more bang for the buck real estate (comparable housing still costs less than NYC or CA cities, though the gap has narrowed, for often newer/less older buildings with more square footage and building amenities) and no state income tax. Worst case, some who have moved here had to take a 10% wage cut in the process that offsets most of the no state income tax benefit.
Low inventory at the moment is the driving factor of rising prices. Miami was one of the very first major cities to declare itself open while many other cities went into lockdown mode leading some to flee there for here. The return of international travel with wealthy foreigners looking to flee South America (Peru and Colombia most vulnerable these days) should keep this trend going.
It has always been, and remains, a better place for many to bring their wealth earned elsewhere--though there clearly are some successful homegrown locals and not all of them are W-2 reporting wage slaves working for corporations.
Quote:
Originally Posted by jjbradleynyc
Right? I agree 100%.
I recruited tech/digital/creative professionals in the Miami market from 2016-2020, and Miami had one of the lowest salaries/hourly rates/day rates for that industry in the US. Despite housing costs soaring in that region.
I routinely spoke to all levels of talent in that niche who gave me stories of companies undercutting them big time with rates and salaries.
For example, I recall an Art Director with 15 years of experience telling me he routinely would see salaries in the $55-75k range or hourly rates up to like $35/hour with a variety of companies in Miami.
The same skill and years of experience Art Director could see $90-$110k in LA or Chicago, or $120-$150k in NYC or San Fran areas.
I've heard salaries are creeping up down there, but slowly.
Last edited by elchevere; 02-21-2022 at 12:50 PM..
I recruited tech/digital/creative professionals in the Miami market from 2016-2020, and Miami had one of the lowest salaries/hourly rates/day rates for that industry in the US. Despite housing costs soaring in that region.
I routinely spoke to all levels of talent in that niche who gave me stories of companies undercutting them big time with rates and salaries.
For example, I recall an Art Director with 15 years of experience telling me he routinely would see salaries in the $55-75k range or hourly rates up to like $35/hour with a variety of companies in Miami.
The same skill and years of experience Art Director could see $90-$110k in LA or Chicago, or $120-$150k in NYC or San Fran areas.
I've heard salaries are creeping up down there, but slowly.
It will get there. Slowly. My field jobs pay $41k-65k in Miami compared to 72k-98k in NJ and 75k-110k+ in Boston as a Junior. I think thats a big setback for people taking Miami more seriously. I'm on the fringe with it. But a lot of people just completely write it off. I think wages are the last piece of the puzzle for Miami outside Climate Change control. Once they have that, they are golden.
Las Vegas least affordable now? sad. I thought it was the cheapest big city in America to live in
Even things like a $3.99 lunch buffets at the Sahara in the heart of the Strip back in the '90s are pretty much a thing of the past. "Cheap" buffets are in the $20s now. You don't get as many coupons (if you even do) at the big resorts as well, and then things like 3-2 Blackjack becoming 6-5. Entertainment for residency and touring acts, as seen on another thread, are the highest in the nation, making NYC/LA a bargain by comparison. The Californication of Vegas has been surreal over the past decade. Meanwhile, wage growth has really lagged.
At $60,966, the Miami metro actually had a higher per capita personal income than the Dallas, Houston and Atlanta metros in 2019, and was under $6,000 behind the Los Angeles metro. No state income tax also benefits Florida greatly, and it isn't even factored into these numbers yet.
That's from trust fund babies and the self-made bringing their income to Miami. Good luck finding jobs that have higher wages than those 3 you mentioned.
I think wages are the last piece of the puzzle for Miami outside Climate Change control. Once they have that, they are golden.
South Florida will start to catch up sooner than people realize, at this point the place is simply too unique to the first world to be underestimated. The brand image of Florida has shot up so high recently that it's just an exponentially growing phenomenon now. That's really all it comes down to at the end of the day
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