Miami Inflation Ranks Highest in US (Edgewater: apartment, rental, condo)

[Monello]

Originally Posted by MiamiLIFE

a 15 minute drive to beach.

But nowhere to park once you get there.

[MiamiLIFE]

Originally Posted by Monello

But nowhere to park once you get there.

I always find parking on 23rd or 46th next Eden Roc. If I go to South Pointe or Lummus Park I bike.

[zerp]

Inflation or increase in cost of living?

Since Miami doesn’t print its own currency, it cannot create inflation.

[gixxer1000]

Originally Posted by CXT2000

Funny seeing this, yet Miami is following similar patters that S.F/NYC have before their mass exodus' happened. Only difference is those cities are truly established (obviously, since they're old). In-flow of capital is always needed, but Miami's reliance on "unlimited" growth and trickle-down economics will not benefit people in the long term.

Poverty rates have gone up, along with the income gap, so again, wondering the long term implications of this. Seems like there's a lot of simps for the ultra wealthy going to Miami/Florida on this form, but when majority of the population do not benefit, there's no reason to celebrate (and this is coming from a 1% er)

Funny that the biggest hater is calling people simps. Miami's poverty rate hase gone down not up.

So we've got poverty rates going down and median household income going up and somehow this is a bad thing.

The reality is that wealthy people moving in are pushing local people out. This isn't the end of the world as it effectively makes Miami like Manhattan and people with lower incomes will either have to live in smaller outdated accomodations or live in s suburb like pembroke pines and commute.

[gixxer1000]

Originally Posted by elchevere

Besides COVID, the 2017 Tax Reform Act is attracting folks to Miami/SoFLA and even with the increase in COL it still remains a bargain relative to other, comparable coastal cities (newer buildings, more square footage, more building amenities, less issues plaguing than those other cities). Until / if the issues noted above hit Miami I will continue to call it home.

Also consider if you are making a six figure income in Miam you will be taxed between 27% and 35% where as in a place like NY you would be taxed between 35% and 45%.

[gixxer1000]

Originally Posted by MiamiLIFE

Yes of course there is a point where the cost/benefit would not make sense and then I would move again as I did when I left NY. But, at this time even with the price increases here I am still paying less than I did in NY for a lifestyle much more in alignment with my sensibilities. If Miami becomes unsustainable I would look to another emerging location or maybe go abroad. I am not locked in to anything. Ultimately, Miami's price increases are a natural outcome of the migration and the maturing of the city. Things will level off at some point and from there I will have to access if it still makes sense.

It's already happening. Rents have already leveled off. The article points this out but I doubt most the people complaining even read it.

But there’s a lag between the shelter component in government inflation data and real-time rents, so it’s very likely inflation in Miami and Tampa will fall in coming months

We have a huge amount of supply on the rental/condo side coming to market. We also have an endless amount of land to build new rentals/condos on. This will keep prices in check relative to places like NYC that have no land.

[MiamiLIFE]

Originally Posted by gixxer1000

It's already happening. Rents have already leveled off. The article points this out but I doubt most the people complaining even read it.



We have a huge amount of supply on the rental/condo side coming to market. We also have an endless amount of land to build new rentals/condos on. This will keep prices in check relative to places like NYC that have no land.

The rental stock coming online in Miami is going to bring some rent relief as Miami will a bit oversupplied with these deliveries hitting around the same time. There will be some decent rental deals to be had in Wynwood with free rent being offered. The condo side I think is a bit different as most of the stock being delivered is luxury product and won't provide much relief to home buyers. However, I do see some signs that home prices are dipping a bit; not a lot. Mostly for the commodity product.

[elchevere]

Originally Posted by gixxer1000

Also consider if you are making a six figure income in Miam you will be taxed between 27% and 35% where as in a place like NY you would be taxed between 35% and 45%.

Transplant tech exec friend of mine from SF also shares this analogy: Miami is to NYC as Singapore is to Hong Kong. In other words, more and more high earners from NYC metro live in Miami minimum 6 months and 1 day to establish FL residency for tax savings purposes the same way high earners from Hong Kong do with Singapore.

Originally Posted by gixxer1000

people with lower incomes will either have to live in smaller outdated accomodations or live in s suburb like pembroke pines and commute.

And/or moving to other less expensive parts of FL and/or out of state to better align their incomes with lower COL.

[CXT2000]

Originally Posted by gixxer1000

Funny that the biggest hater is calling people simps. Miami's poverty rate hase gone down not up.

So we've got poverty rates going down and median household income going up and somehow this is a bad thing.

The reality is that wealthy people moving in are pushing local people out. This isn't the end of the world as it effectively makes Miami like Manhattan and people with lower incomes will either have to live in smaller outdated accomodations or live in s suburb like pembroke pines and commute.

City of Miami has a poverty rate of 21% vs the national average of 12.6%, I wouldn't be celebrating that. Income gap is the worst in the U.S...

Also lol.. "hater", please tell me how I'm "hating", unless the facts are hurting your feelings/mirage of the city.

[gixxer1000]

Originally Posted by CXT2000

City of Miami has a poverty rate of 21% vs the national average of 12.6%, I wouldn't be celebrating that. Income gap is the worst in the U.S...

Also lol.. "hater", please tell me how I'm "hating", unless the facts are hurting your feelings/mirage of the city.

That is the City of Miami. Take a look at the city limits on a map. They are arbitray and singling out just the city makes no sense for a metropolatin area.

The poverty rate for Miami (the entire county) is 15.7%. I agree it is higher than the national average but it has ALWAYS been this way. The gap between the national aveage and Miami is DECREASING as again the rate is goind down not up.

You are not stating facts. Again you said the poverty rate is going up when its going down. So please explain how the poverty rate going down (FACT) is a bad thing.