How do you budget for mortgage or rent?

[JacobMAX]

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.

It is. I saw on the classifieds those leasing offers on those BMW and Audi ecoboxes - something like $300-350 per month. And it's always those 3 Series and A4s. Frankly it's not even really a status symbol, a Chrysler 300C or a Taurus SHO costs more. At least they're more spacious, have more features, better engine, etc. But I'm fine with that, I can understand why they buy cars like these (build quality is great).

And I agree, there are quite a few shallow, image obsessed, people in this city (should note there are much nice, friendly, down to earth people here as well).

[straight shooter]

Originally Posted by JacobMAX

It is. I saw on the classifieds those leasing offers on those BMW and Audi ecoboxes - something like $300-350 per month. And it's always those 3 Series and A4s. Frankly it's not even really a status symbol, a Chrysler 300C or a Taurus SHO costs more. At least they're more spacious, have more features, better engine, etc. But I'm fine with that, I can understand why they buy cars like these (build quality is great).

And I agree, there are quite a few shallow, image obsessed, people in this city (should note there are much nice, friendly, down to earth people here as well).

Where are they?

[cfbs2691]

Originally Posted by straight shooter

Where are they?

[JacobMAX]

Originally Posted by straight shooter

Where are they?

Well at least where I work, and where I live most people are courteous and friendly. A small, but significant, number of people in this county are like that, that's a fact. Also, I should emphasize that this kind of thing will vary a lot, if you live in Overtown or Hialeah, for example, it's gonna be a very different experience than living in Pinecrest or Key Biscayne, agree?

[Wild Style]

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.

haha

Two cousins came down from NYC a few years back. We took them to south beach, and after five minutes one of them says "Why does EVERYONE down here drive a brand new car". We started laughing, and explained to her the fake it till you make it mentality over here. South Florida can be a strange place.

[Felix C]

Originally Posted by tigerllo

I have been reading through these forums and I have noticed a bit of a dichotomy. Everyone complains that the salaries are really low here, but the cost of real estate seems incredibly high. I have always heard that you should not spend more than 25% of your gross monthly income on your mortgage/rent. But based on what I have seen in Miami, I just don't know how that can be. Is that percentage higher for Miami? I would appreciate your thoughts.

Effective salaries are not low.

Rent or mortgages are high dependent on where you live and when you purchased.

How much to budget depends on what your needs are and existing liabilities. Current condition as well as in whether you have a spouce, roommate, housemate,etc.