How much do you need to earn annually to survive in Miami? (Miami Beach: 2013, crime rates)

[cfbs2691]

It seems, according to this thread, that if you're materialistic and far from frugal, you need to make at least $300K.

If you live a more down to earth lifestyle, you could make it on $50K.

That being said.. South Florida's got quite a high population of materialistic-keep-up-with-the-Jones people so.......

[Sugah Ray]

Originally Posted by cfbs2691

It seems, according to this thread, that if you're materialistic and far from frugal, you need to make at least $300K.

If you live a more down to earth lifestyle, you could make it on $50K.

That being said.. South Florida's got quite a high population of materialistic-keep-up-with-the-Jones people so.......

The materialistic people are not holding others at gunpoint and forcing them to match their lifestyle, if anything the more frugal you are, the better they will feel about themselves.

[Sugah Ray]

Originally Posted by MadManofBethesda

Way to obfuscate the issue. Nothing you wrote addresses your idiotic comment that living in a 1br is uncomfortable and "like poverty."

ManofBethesta C'mon it's Tallrick, he is the Ron Paul of the Miami forum. We don't take his post seriously and he knows it. This is the same guy that wants Miami destroyed with a 5 category hurricane and has yet to be proven right over time.

[Calitomiami]

Originally Posted by cfbs2691

It seems, according to this thread, that if you're materialistic and far from frugal, you need to make at least $300K.

If you live a more down to earth lifestyle, you could make it on $50K.

That being said.. South Florida's got quite a high population of materialistic-keep-up-with-the-Jones people so.......

I don't consider myself materialistic at all. I happen to be a car enthusiast and art collector so i own a few cars, but apart from that I live in a home that is very modest and I don't waste my money on jewelry, expensive clothes, fancy gadgets, the latest flat screens and expensive watches, etc.

But back to the cost of living. It is miami beach after all. Who wouldn't want to live in an ocean front condo if they are there? There's obviously a huge relativity factor here. It all depends on what you re used to. If for example you come from the outskirts of a major Texas city you could be used to a very high standard of living on an average salary. To match that standard you ARE looking at 10x the cost in miami beach, EASILY. Most likely more. So yes, it's all about location, and miami beach is one of the most expensive places to live in all of the US. Although it might seem like an infinite amount of money to many, one million dollars doesn't buy you anywhere close to what you might think, and $300000/yr is considered pocket change among people who live in the most desirable areas of the nation. Yes, it's slightly sickening, but its the reality. In l.a, most modest 3br houses in good central areas are around a million. That means there's a LOT of people either 1) living waaaaay beyond their means or 2) the median income is around $300000 (which is about what you'd need to make to afford a 20% down 4.5% mortgage on a $1m home).

[Calitomiami]

And what's wrong with Ron Paul?

[unclealbertt]

He's a frail old man that most of the country doesn't take serious. He and his legion of college students swear they've been on the cusp of a legitimate movement since the 1970's. He's a man of principle which I can appreciate, but once he starts talking he loses anyone with a grasp of reality.

[TXRyan23]

Originally Posted by Calitomiami

My apologies if I came across that way. I was just offering my perspective on things, having been through the various financial stages from absolute poverty with $500/month to millions/yr. yes the reality is that most Americans aren't making $100k/yr but we are talking about miami beach. A decent condo there starts at $500000. To afford that, $100k isn't even close to cutting it. Yes, $40k with paid rent and car was not enough for me in l.a. Take home after taxes was around $3000. Food: $1500/month (included one or two meals in the cheapest restaurants a day), parking (I had to pay for parking at my place) was $150/month, phone bill, electricity, utilities, gas.. $700/month. Entertainment, gym membership and random groceries, $150/month. And that's over 10 years ago. It's much worse now.

My opinion is that no matter how expensive a city is, even San Francisco has people that live in and survive in their city that make minimum wage. I don't know how they do it, but they do.

You're talking about buying condo's and eating at restaurants twice a day, ect, ect...

"Most" people will rent or buy a cheaper house and will buy groceries and NOT eat out a lot. I thought we were talking about Miami in general, not Miami Beach. I think in general, the average person wouldn't live in Miami Beach.

[TXRyan23]

Originally Posted by JacobMAX

That's actually pretty good, also it's a very good neighborhood (I think), Cinco Ranch innit?! Frankly, Houston is not Miami Beach, but in my opinion much much better. One of the best and most successful major cities in America nowadays. I wish I could move to somewhere in TX. But that's just my opinion - and don't get me wrong, Miami Beach (in that area, basically the north end of Mid-Beach) is pretty good too.

I agree 100%, My intent wasn't to even try to compare. Miami and Miami Beach are gorgeous and would be a dream place to live. However, I guess I just may be old school, but I prefer to live in a place where my money stretches a bit further. I've been living quite well in Texas with the great economy, and yes, Cinco Ranch is a great community with top notch schools and a real "family" atmosphere.

[TXRyan23]

Originally Posted by Calitomiami

Yes, it's slightly sickening, but its the reality. In l.a, most modest 3br houses in good central areas are around a million. That means there's a LOT of people either 1) living waaaaay beyond their means or 2) the median income is around $300000 (which is about what you'd need to make to afford a 20% down 4.5% mortgage on a $1m home).

According to the latest US Census..

Los Angeles County, CA has a median household income of $56,266.
Miami-Dade County, FL has a median household income of $43,957.

I believe those are the numbers that I'd look at. Basically, if you make a salary of $60k a year in Los Angeles, you're doing better than the average household and if you're making $50k a year in Miami, you're doing better than the average household. If you're attached to a significant other and they too are making $50k, than you have a pretty good lifestyle.

I think it's absolutely insane that someone says they made $300k and that it wasn't enough. That is TRULY a 1st world problem.

[Calitomiami]

In a very desirable area such as miami beach, $50k will get you nothing. Look, the average listing price in south beach right now is $1.6M. That's the AVERAGE. The average income is only around $40k. So clearly this means that the people who own real estate and live comfortably in south beach are not miami residents with employment in miami. To own a reasonably sized home in miami beach (3br/2000 sqft) $300k will fall short. Certainly, to comfortably afford a $1.6M home you need to make at least $500k/yr, and have 30% down. Even then it is unlikely that you will get a loan. These are not extremely luxurious homes when compared to $400k mansions in Texas. They are quite average looking, modest homes by American standards. Location dictates everything, and the difference in price and salary requirements are reflected exponentially between suburbs and major hot spots such as miami beach. Have you looked on trulia lately to see what a million buys you around the middle of south beach? It's pretty depressing.