Race to the Bottom: New Reports Show How Inflation Is Draining Miami Residents' Wallets (Tampa: apartments, condo)

[roadtrip75]

Originally Posted by CXT2000

Homeless on SoBe is horrible, inland too is worse.

I don't know why they tolerate any bums at all on Ocean Drive, but overall homeless camps are almost non-existent compared to most American cities, especially the West Coast.

[gixxer1000]

Anyone who actually believes that residents actually have to spend 80% of their income on housing doesn't understand how statistics or housing work.

To use the median (as in middle) SINGLE FAMILY HOME value and compare that to the median (again as in middle) income clearly shows no understanding of Miami. There are only 500k single family homes in Miami-Dade County. However there are 1M households. That means single family homes only need be affordable to the top 50%. That is the middle up. And therefore the single family homebuyer is really in the 75th percentile in terms of income.

This is a slight of hand trick that conflates SINGLE FAMILY HOMES with housing. Imagine if you went to NY and singled out just single family homes. If you look at the data they are using they are saying the median home in Miami is $615k which is true if you were talking about SINGLE FAMILY HOMES ONLY. Meanwhile they say the median house in NY is $795k which clearly ISN'T a detached single family home.



So they are effectively saying the median household has to pay 80% to own a detached single family house in Miami while in NY you have to spend 67% of you income to own ANYWHERE.

In Miami once you factor in condo and townhomes the median drops down to $400k and then if you include Broward the median condo and townhome drops down to $269k. So if you look at HOUSING and not just single family homes the median income would need to spend about 40% of their income on housing much less than NY.

And this goes to my point in another thread where Miami has a clear path forward to maintain better housing options compared to NY. The Article highlights that:

Two of the top five least affordable housing markets became more expensive this month – Los Angeles, CA, and New York City, NY.

That is becuase NY can't build their way out of this. The area is so dense and land cost are so high that any new development only effectively INCREASES the cost of housing by replacing older buildings with more expensive newer ones.

Meanwhile in Miami we can simply build high rise after highrise for the next 100 years. Sure at some point we would run up against the same issue as NY but that isn't going to happen in our lifetime or our childrens lifetime either.

[CXT2000]

^someone is forgetting that incomes (on average) are much lower in Miami/FL than NYC and LA, for example, so the burden is felt much more. No **** if someone moves there with NY money, it'll be a bargin (there's also more demand to be in NYC, the epicentre of the whole world). Condos are very expensive if you want to live in a desirable area, obviously it gets cheaper outside those areas.... until NYers start gentrifying the **** out of poor areas.

And no, Miami cannot build endless highrises for the next 100 years, the infrastructure is hardly keeping up with the recent boom lol. I know you're excited about the current boom and want to boast the city, but time to come back to earth

[MiamiLIFE]

Originally Posted by gixxer1000

Anyone who actually believes that residents actually have to spend 80% of their income on housing doesn't understand how statistics or housing work.

To use the median (as in middle) SINGLE FAMILY HOME value and compare that to the median (again as in middle) income clearly shows no understanding of Miami. There are only 500k single family homes in Miami-Dade County. However there are 1M households. That means single family homes only need be affordable to the top 50%. That is the middle up. And therefore the single family homebuyer is really in the 75th percentile in terms of income.

This is a slight of hand trick that conflates SINGLE FAMILY HOMES with housing. Imagine if you went to NY and singled out just single family homes. If you look at the data they are using they are saying the median home in Miami is $615k which is true if you were talking about SINGLE FAMILY HOMES ONLY. Meanwhile they say the median house in NY is $795k which clearly ISN'T a detached single family home.



So they are effectively saying the median household has to pay 80% to own a detached single family house in Miami while in NY you have to spend 67% of you income to own ANYWHERE.

In Miami once you factor in condo and townhomes the median drops down to $400k and then if you include Broward the median condo and townhome drops down to $269k. So if you look at HOUSING and not just single family homes the median income would need to spend about 40% of their income on housing much less than NY.

And this goes to my point in another thread where Miami has a clear path forward to maintain better housing options compared to NY. The Article highlights that:



That is becuase NY can't build their way out of this. The area is so dense and land cost are so high that any new development only effectively INCREASES the cost of housing by replacing older buildings with more expensive newer ones.

Meanwhile in Miami we can simply build high rise after highrise for the next 100 years. Sure at some point we would run up against the same issue as NY but that isn't going to happen in our lifetime or our childrens lifetime either.

I am happy to pay a bit more to live in Miami with great weather and a much lower threat of anti-semtic aggression. NY is not such the bastion of tolerance. https://www.thedailybeast.com/we-nee...rk-city-school

[markg91359]

There is inflation and there is greed. I returned about six months ago from a trip where we spent a couple of days in South Florida. Never again. The cheapest hotel rooms were $150.00. Dinner out for two people? Better plan on $75 to $100.

Nothing costs like this in the rest of the country. Its not inflation. Its a bunch of merchants that have dollar signs in their eyes and are determined to exploit tourists for every nickel and dime they can make. I won't be back if I can help it. That's despite the fact I genuinely liked South Beach.

[MiamiLIFE]

Originally Posted by markg91359

There is inflation and there is greed. I returned about six months ago from a trip where we spent a couple of days in South Florida. Never again. The cheapest hotel rooms were $150.00. Dinner out for two people? Better plan on $75 to $100.

Nothing costs like this in the rest of the country. Its not inflation. Its a bunch of merchants that have dollar signs in their eyes and are determined to exploit tourists for every nickel and dime they can make. I won't be back if I can help it. That's despite the fact I genuinely liked South Beach.

I was in NY in October and stayed at a hotel in the Flatiron. It was over $400 for the night with all the fees. Food prices are exorbitant in NY as well. The $150 hotel you quote and the $75 to $100 for dinner for two people sounds like a bargain. In NY plan on spending at least that per person.

[elchevere]

Originally Posted by markg91359

There is inflation and there is greed. I returned about six months ago from a trip where we spent a couple of days in South Florida. Never again. The cheapest hotel rooms were $150.00. Dinner out for two people? Better plan on $75 to $100.

Nothing costs like this in the rest of the country. Its not inflation. Its a bunch of merchants that have dollar signs in their eyes and are determined to exploit tourists for every nickel and dime they can make. I won't be back if I can help it. That's despite the fact I genuinely liked South Beach.

You’ve not been to NYC, CA and elsewhere if you think $150 for a hotel and $75-100 for a couple at a restaurant other than a restaurant chain like Olive Garden or Applebee’s is exclusive to Miami, let alone outrageous. If you want to talk about $50 for a drink on Ocean Drive or bottle service prices/minimums, that’s another matter.

[skeddy]

Originally Posted by markg91359

There is inflation and there is greed. I returned about six months ago from a trip where we spent a couple of days in South Florida. Never again. The cheapest hotel rooms were $150.00. Dinner out for two people? Better plan on $75 to $100.

Nothing costs like this in the rest of the country. Its not inflation. Its a bunch of merchants that have dollar signs in their eyes and are determined to exploit tourists for every nickel and dime they can make. I won't be back if I can help it. That's despite the fact I genuinely liked South Beach.

sounds cheap to me and I don't like cheap.

[MiamiLIFE]

Originally Posted by skeddy

sounds cheap to me and I don't like cheap.

$150 a night hotel on Sobe might have had bed bugs.

[elchevere]

Originally Posted by MiamiLIFE

$150 a night hotel on Sobe might have had bed bugs.

Or be a front for prostitution.