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View Poll Results: Min. annual income to survive in MIA?
20K 3 5.45%
30K 9 16.36%
40K 16 29.09%
Other 27 49.09%
Voters: 55. You may not vote on this poll

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Old 06-06-2013, 11:00 AM
 
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Just interested in reading other posters' opinions about what the minumum amount of annual income is in order to live "comfortably" in Miami. I know comfortable is relative, so feel free to explain what factors you used in your calculations.


Let's assume this theoretical person would be renting a 1 bedroom apt. in an "average" area, single, no debt, no car payments, etc. What is the least amount of money they could live off of annually, in order to get by and not be deprived of necessities and occasional splurges? 30K? 40K? More, less?
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Old 06-06-2013, 11:36 AM
 
Location: South Florida
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IMO at least 70K
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Old 06-06-2013, 11:43 AM
 
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Per month I would say $1200 rent, $500 for food, $175 for health insurance, $120 for transportation. When it comes to utilities it depends on whether you find a place that includes cable, water, etc. but roughly think around $250 on utilities, $150 for car insurance, $100 for miscellaneous expenses, and $500 for going out/shopping, etc.

Sooooo that would be just under $36K, but of course $500 might be too much for some people when it comes to going out, shopping, etc. and could be too little for some, and $100 in other expenses a month might be too much, utilities could be too much depending on what's included, transportation depends on how old your car is, how much fuel you'll use, etc. Food depends on if you just buy whatever or are an educated consumer, and on the flip side this wouldn't take into consideration any savings, taxes and the like, BUT, if we're talking a normal, semi-comfortable life I would say the minimum would be around the $30K mark.
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Old 06-06-2013, 11:58 AM
 
Location: Heartland Florida
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If you are forced to live in a one bedroom apartment you cannot be "comfortable" that is more like poverty. To be confortable you need at least 5K per month. If you have no mortgage, and just lease from the State (property tax) you have to set aside at least 100- 800 per month for that. Insurance, car payments, other debt service all add up to make slaves out of most people.
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Old 06-06-2013, 12:37 PM
 
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you can "survive" on less than 20,000
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Old 06-06-2013, 12:42 PM
 
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Are we talking about net income or gross income?
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Old 06-06-2013, 03:01 PM
 
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Quote:
Originally Posted by tallrick View Post
If you are forced to live in a one bedroom apartment you cannot be "comfortable" that is more like poverty. To be confortable you need at least 5K per month. If you have no mortgage, and just lease from the State (property tax) you have to set aside at least 100- 800 per month for that. Insurance, car payments, other debt service all add up to make slaves out of most people.
I'm single, no children, I don't need anything more than 1br. No One would have to "force" me to get one.
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Old 06-06-2013, 03:27 PM
 
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Of course so much is relative, the erms survival, confort, lifestyle, etc. I just threw out some assumptions, aparently some people didn't read them, that's where the numbers game started at. But like I said, I am interested in reading the perspectives of others as to what they think is a basic starting point for this discussion.

For example, a lot of people relocate to Miami on this board from what I read, and I wonder, how much are they being offered to move or relocate here. I can't see most people who relocate, in non-minimum wage jobs, earning much less than 35K a year on their own and living here. It just isn't practical, unless there is another spouse or zero expenses or a unique situation. I know there are amazing people who live on a shoe string, but at what number could an employer tell you this will be your earnings, take it or leave it, and you accept it? I say around 35K under the best circumstances.
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Old 06-06-2013, 06:13 PM
 
5,187 posts, read 6,088,426 times
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Quote:
Originally Posted by tallrick View Post
If you are forced to live in a one bedroom apartment you cannot be "comfortable" that is more like poverty. To be confortable you need at least 5K per month. If you have no mortgage, and just lease from the State (property tax) you have to set aside at least 100- 800 per month for that. Insurance, car payments, other debt service all add up to make slaves out of most people.
A person like you, who lives by himself why would you need more than 1 bedroom, you can only sleep in one-bedroom at a time being single, hardly would call it poverty but sensible.
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Old 06-06-2013, 06:34 PM
 
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I'm relocating but have a mobile job/work situation. I started out in l.a 10 years ago with about $40k/yr. it didn't get me very far. I had a studio apartment that was paid for by my employer and a piece of **** rental car also paid for by my employer. Still, living what I felt was pretty frugally yet affording myself semi luxury like the occasional nice new clothes and entertainment I was unable to save and that was 10 years ago. Then fast forward some years and I was making about $150k/yr which felt like a good amount until the tax man came. I had a $2500 apartment and had saved up $100000 by living with my parents for 5 years. I blew the money on a Ferrari. Still the best investment I ever made and I still have the car today as a good memory of my youth, but that's another story. But even with $150000/yr I was struggling to stay afloat because expenses grew along with my increased quality of life expectations. I could just forget about a house, and knew I had to make much more to afford that. I worked harder, eventually got to about $400k/yr which to me seemed like the point at which you no longer worry so much about paying bills, affording restaurants etc. I saved for 3 or so years and could eventually afford a modest house in a decent neighborhood. Miami seems very similar to l.a in "affordability", so I'd say if you want a little house inland and a couple of cars and live a life in reasonable luxury I'd say you need about $300000yr. I seriously do not understand how people can live on $50k/yr anymore.
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