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Old 04-21-2012, 01:02 PM
 
11,642 posts, read 23,909,503 times
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Quote:
Originally Posted by abotechie View Post
Important variable, married one child 7yo.
OK-here's my two cents. You can live on $65K here. You cannot live in the best areas, with the best schools for that much money. You won't starve to death. You will be able to find housing. However, $65K for three is a little low, especially if you are going to want to be in the best areas for public schools.
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Old 04-21-2012, 01:07 PM
 
Location: Way up high
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^^Exactly. It IS feasible but you will not have what you are looking for
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Old 04-21-2012, 01:12 PM
 
Location: New York
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How would this salary do for a single person who wants to live in Miami beach?
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Old 04-21-2012, 01:19 PM
 
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Quote:
Originally Posted by nycgirl1616 View Post
How would this salary do for a single person who wants to live in Miami beach?
I am not sure about individual cities but you should be able to live on $65K pretty comfortably as a single person. However, be careful about assuming that because you can make $65K wherever you are now, that you will make a similar salary here. Wages are low here.

Edited to add: Don't expect to be top of the heap here on $65K even as a single. If you expectations are that you will live in a huge beachfront unit on $65K per year you are bound to be disappointed.
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Old 04-21-2012, 01:22 PM
 
Location: Way up high
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NYCgirl-are you working on Miami Beach as well? If so, you don't really need a car and you can live decent on 65K on the beach. You won't be sitting oceanfront (unless you have a couple of roomates or a very desperate landlord) but you won't be living in a shoe either..
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Old 04-21-2012, 02:29 PM
 
Location: America
6,993 posts, read 17,365,632 times
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Quote:
Originally Posted by abotechie View Post
How far will $65,000 a year go in the Miami area?
Well I would apply the NYC method. Find the area you like, find typical rents for that area, multiply the monthly rent by 40. If it is at or below 65,000 then you know you can at least cover rent. That doesn't include bills you currently have etc.
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Old 04-21-2012, 03:10 PM
 
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What is the contributing factor that increases the expenses so much from 1 to 3. The major costs are the same, housing being the number on. Food I can see being higher; however, I have managed a grocery budget well. I am not expecting to live the Miami rockstar life style. Way I figure it, I could easily afford a lower priced home in an area such as Weston and still manage.
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Old 04-21-2012, 03:23 PM
 
Location: Way up high
22,334 posts, read 29,432,497 times
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Quote:
Originally Posted by abotechie View Post
What is the contributing factor that increases the expenses so much from 1 to 3. The major costs are the same, housing being the number on. Food I can see being higher; however, I have managed a grocery budget well. I am not expecting to live the Miami rockstar life style. Way I figure it, I could easily afford a lower priced home in an area such as Weston and still manage.

Lower priced home and weston do not go together unless you look into a foreclosure.
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Old 04-21-2012, 04:17 PM
 
Location: Miami
1,821 posts, read 2,899,594 times
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Does that 65K include health insurance benefits? That could be a big factor if it doesn't. I'm paying $1000 a month for health insurance for 3 people since I'm self-employed. Home ownership will tack on at least $700 a month extra for taxes and insurance, probably more. Private school?
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Old 04-21-2012, 04:18 PM
 
Location: Miami
1,821 posts, read 2,899,594 times
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Quote:
Originally Posted by abotechie View Post
Single income, both could work if necessary. How about the areas surrounding Miami? According to Sperlings.com, to maitain my current equivalent salary living in Leisure City I would need $50,754, Miami would be $56,361. Purchasing a home is an option, as opposed to renting.
You don't want to move to Leisure City.
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