How do you budget for mortgage or rent? (Miami, Hialeah: how much, buy)

[Chelito23]

Sheer numbers are pretty random. I always heard a third of monthly income was what was required and suggested for monthly rent. In reality, people have two income households, rent rooms, have roommates...so there isn't a definitive figure. I would suggest that if you plan on living alone in Miami, dedicating a third of your income would make sense. I don't know how practical it is....but it's a goal to shoot for. If you are spending half or more on rent, get a rooommate or look for more affordable housing or a studio, otherwise you are scraping by and surviving, vs. thriving.

A lot of Miami (and America) lives beyond it's means, but this is more pronounced in popular, overpriced, major cities like NYC, Miami, LA, etc.

There were some very smart posters here who mentioned they drive normal cars and are frugal and live within their means...and Miami is doable that way. But when you want to emmulate the natives who live with mami and papi at the age of 30 and spend all their money on car leases and paying down credit card debt...you are at a serious disadvantage. Remember, those irresponsible people will probably always have a roof over their head, food on the table and a home to inherit someday, so they can "afford" to be more reckless with money. Newbies, not so much, considering most people are in the same boat regarding low wages in South Florida.

[perry335654]

Originally Posted by Chelito23

Sheer numbers are pretty random. I always heard a third of monthly income was what was required and suggested for monthly rent. In reality, people have two income households, rent rooms, have roommates...so there isn't a definitive figure. I would suggest that if you plan on living alone in Miami, dedicating a third of your income would make sense. I don't know how practical it is....but it's a goal to shoot for. If you are spending half or more on rent, get a rooommate or look for more affordable housing or a studio, otherwise you are scraping by and surviving, vs. thriving.

A lot of Miami (and America) lives beyond it's means, but this is more pronounced in popular, overpriced, major cities like NYC, Miami, LA, etc.

There were some very smart posters here who mentioned they drive normal cars and are frugal and live within their means...and Miami is doable that way. But when you want to emmulate the natives who live with mami and papi at the age of 30 and spend all their money on car leases and paying down credit card debt...you are at a serious disadvantage. Remember, those irresponsible people will probably always have a roof over their head, food on the table and a home to inherit someday, so they can "afford" to be more reckless with money. Newbies, not so much, considering most people are in the same boat regarding low wages in South Florida.

I would say that one-third is a bit high.at least for Miami

[cfbs2691]

Originally Posted by Chelito23

There were some very smart posters here who mentioned they drive normal cars and are frugal and live within their means...

2001 Ford Escape!
Been paid off for years!
I'm a freak

[Olmyt]

99 Lexus here...but yeah, I am puzzled as to what these people do for a living here. Go to Mary Brickell Village on a thursday or friday evening and watch the cars go by...

[doggiebus]

Miami is all about the image. I know someone that drive a beautiful mercedes, you would think he is making good money ... the guy lives with his parents, that's how he saves money.

[tigerllo]

Are you trying to say that people in Miami are shallow? LOL

[Ping322]

If you're single and 28 and have family here ... is there anything inherently more noble about living on your own, vs. living with your parents and spending money on things that you find more enjoyable than rent?

[doggiebus]

Originally Posted by tigerllo

Are you trying to say that people in Miami are shallow? LOL

Yes many in Miami are pretty shallow, which is sad to say. This probably could be said for other cities around the world as well. Why do you think we see so many leased BMW, Audi and Mercedes on the road? Leasing (vs Owning) is cheap on these lower end luxury cars ... which gives them that status symbol in the driveway or when they pull up to a restaurant at night.

[straight shooter]

Originally Posted by doggiebus

Yes many in Miami are pretty shallow, which is sad to say. This probably could be said for other cities around the world as well. Why do you think we see so many leased BMW, Audi and Mercedes on the road? Leasing (vs Owning) is cheap on these lower end luxury cars ... which gives them that status symbol in the driveway or when they pull up to a restaurant at night.

And that is the reason why most people in Miami live paycheck to paycheck and have nothing to fall back on. Most don't worry about tomorrow or when they get old.

[doggiebus]

^^^Very true... A lot of people don't think they will live that long I guess.