Does a $70,000 salary cut it in Miami ? (Coral Gables, Sebastian: apartments, renting)

[Sebastiano]

Hello,

I have been offered a job in Miami for $70,000 per year.

I am single, I do not have any pets and I do not lead an expensive lifestyle, meaning I keep my expenses to the necessary.

I would like to kindly ask those of you who live in Miami, FL if it's worth it accepting the job for $70,000/year.

The office would be in Coral Gables, near the new Trader Joe's and I would "ideally" like to find an apartment in a 4-5 mile radius, in order to avoid a long commute.

Any useful comment or consideration on costs of the city from those of you who live in Miami, FL and earn around $60,000- 70,000 a year would be very much appreciated.

My main concern is the rent. I have seen on Craigslist that decent 1-bedroom apartments in Miami go for about $2,500/month... Is this correct ?

I have been to Miami 7 or 8 times in the past 10 years, but only for a few days each time, so I do not have a sense of how much it costs to live there.

Thank you in advance.

[CXT2000]

Originally Posted by Sebastiano

Hello,

I have been offered a job in Miami for $70,000 per year.

I am single, I do not have any pets and I do not lead an expensive lifestyle, meaning I keep my expenses to the necessary.

I would like to kindly ask those of you who live in Miami, FL if it's worth it accepting the job for $70,000/year.

The office would be in Coral Gables, near the new Trader Joe's and I would "ideally" like to find an apartment in a 4-5 mile radius, in order to avoid a long commute.

Any useful comment or consideration on costs of the city from those of you who live in Miami, FL and earn around $60,000- 70,000 a year would be very much appreciated.

My main concern is the rent. I have seen on Craigslist that decent 1-bedroom apartments in Miami go for about $2,500/month... Is this correct ?

I have been to Miami 7 or 8 times in the past 10 years, but only for a few days each time, so I do not have a sense of how much it costs to live there.

Thank you in advance.

Honestly? It won't cut it. Miami has become stupidly unaffordable in relation to wages, you can thank a false tech hub scheme, the covid boom, the usual speculation/foreign investors and people moving there.

In 2016, to live "comfortably" in Miami, you needed around $80,000 a year after taxes, it's probably six figures now. Hell, I even know people who make $100,000 and are struggling because of how expensive things have gotten. You also mentioned Coral Gables, which is a very expensive area and yes, 1 bedrooms go from $2500 to even $4000 a month. Add FPL to that, which is very expensive and other expenses and you'll see $70,000 won't cut it.

And on a side note, when I lived in Miami, I made six figures as well and it was a tight budget, and this was pre-covid. Where I am now, even with a tax rate of 45-50%, I still have more disposable income due to tax credits, cheaper rent, cheaper energy bills, cheaper (and better) transport costs, etc. I can go on, but the bottom line is $70,000 won't cut it in Miami.

[elchevere]

Decent 1BR at $2500+ is correct. Add a car if you plan on living in the Gables or consider Uber instead. Going to be tight for you still as Miami is in the NYC/CA stratosphere of pricing, except you will likely get a newer place for your money.

Agree with most of above comment except for FPL. I live in a high floor, good sized 2BR condo with my thermostat set at 73 and average $60 - 75/month, which I consider reasonable.

Where are you living in LA and paying now?…if you are making it there you might be able to make it here but won’t be living large or saving much. Keep in mind you will not be paying a state income tax, as you are in CA, which will save you about $3K/year on your stated earnings.

https://www.bloomberg.com/news/artic...-by-nyc-and-sf

[MiamiLIFE]

Originally Posted by Sebastiano

Hello,

I have been offered a job in Miami for $70,000 per year.

I am single, I do not have any pets and I do not lead an expensive lifestyle, meaning I keep my expenses to the necessary.

I would like to kindly ask those of you who live in Miami, FL if it's worth it accepting the job for $70,000/year.

The office would be in Coral Gables, near the new Trader Joe's and I would "ideally" like to find an apartment in a 4-5 mile radius, in order to avoid a long commute.

Any useful comment or consideration on costs of the city from those of you who live in Miami, FL and earn around $60,000- 70,000 a year would be very much appreciated.

My main concern is the rent. I have seen on Craigslist that decent 1-bedroom apartments in Miami go for about $2,500/month... Is this correct ?

I have been to Miami 7 or 8 times in the past 10 years, but only for a few days each time, so I do not have a sense of how much it costs to live there.

Thank you in advance.

Hi Sebastiano,

$70k in Miami will not be a comfortable living. Miami has grown increasingly expensive as more people have relocated here over the past few years and, as in other locations across the country due to a housing imbalance, rents continue to increase. As a point of reference, my utilities are about $50 to $65 per month on a 1 bed I am renting; about a 1/3 of what I paid in NY. Be mindful that you will need a car to get around so you will need to account for that expense as well. Feel free to PM me and I will share my experience. I have been living here about a year. I couldn't love Miami more! But, with that said, affordability is not a problem for me. I have a friend that just rented a studio loft unit in a condo bldg. for $2,200 near downtown. Over 600 sf. I wouldn't give up all hope! Good luck with your due diligence!

[lair8]

Originally Posted by Sebastiano

Does a $70,000 salary cut it in Miami?

That's just enough money for food, bills, maybe a gym membership and a netflix subscription, but not much else.

[thinkertinker]

It would be really tight. I think you could find a place that is affordable, but it might not be in the nicest part of town....

I make $110,000 a year, and while I feel comfortable enough, however, I have felt that pinch financially in the past 2 years when the COL here began to skyrocket. Now I am lucky that I work remotely so I was able to find a nice updated 1-bedroom in SoBe for $2,200. Living in SoBe has also allowed me to live without a car which saves a lot.

Unfortunately, you work in Coral Gables which will require you have a car, unless that office is right of the MetroRail you will need a car.

[Sebastiano]

MANY THANKS to all of you. I really appreciate all of your responses. They help a lot.

[Sebastiano]

Originally Posted by elchevere

Decent 1BR at $2500+ is correct.

Thank you very much for the confirmation.

Originally Posted by elchevere

Where are you living in LA and paying now?…if you are making it there you might be able to make it here but won’t be living large or saving much. Keep in mind you will not be paying a state income tax, as you are in CA, which will save you about $3K/year on your stated earnings.

https://www.bloomberg.com/news/artic...-by-nyc-and-sf

I live in West LA (Palms) and I am sharing for $1,400 month.

Correct, I would be saving $3K/year in State income taxes. I had already put that into consideration and - still - the budget seemed to be tight, on which I got a confirmation from you guys - THANK YOU VERY MUCH again.

Interesting article, thank you for that as well.

[Sebastiano]

Originally Posted by MiamiLIFE

As a point of reference, my utilities are about $50 to $65 per month on a 1 bed I am renting; about a 1/3 of what I paid in NY.

Thank you for providing this info. I was missing this piece (utilities).

Originally Posted by MiamiLIFE

Good luck with your due diligence!

Thank you.

Originally Posted by MiamiLIFE

I wouldn't give up all hope!

Hope was pretty much gone as soon as I started crunching numbers, I must say. This thread confirmed my considerations.

[Sebastiano]

Originally Posted by thinkertinker

Living in SoBe has also allowed me to live without a car which saves a lot.

That's nice. Good for you !