Race to the Bottom: New Reports Show How Inflation Is Draining Miami Residents' Wallets (Tampa: middle-class, best cities)
MiamiMiami-Dade County
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Despite all the news of Miami being a utopian city, it's not always sunny in South Florida. Some interesting tidbits in the article
Quote:
Miami residents are spending more than 53 percent of their income on the household-cost categories tracked in the report. Only those living in Boston, Los Angeles, and Detroit spend a larger percentage of their income on monthly bills, according to Doxo's data on the 50 largest U.S. cities. The tracked expenses include rent, car insurance, mortgage payments, utilities, auto loans, health insurance, cellphones, cable and internet, alarm and security, and life insurance.
Quote:
As for new homebuyers, Miami has retained its title as the least affordable residential market in the nation, according to RealtyHop's latest index. Factoring in median list price, the estimated mortgage and property tax expenses for a newly purchased middle-of-the-road Miami home now exceeds $3,300, which represents more than 80 percent of the median income for a Miami household. (That doesn't include ballooning property insurance rates.)
Wow, more than 80% of a person's median income is on housing, unreal. Funny enough, I've been saying this for years here, 80%, and it was always downplayed (yet again, I'm right). I definitely noticed more homeless people and struggling people ever since I came back, really sad to see. Looks like all these billionaires moving here are not helping majority of people nor making life easier (let alone, improvement of services).
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Sounds like someone should move to a nicer neighborhood and/or hang out with a better crowd. As I’ve been saying for years hard to imagine dozens of NYC, Chicago, CA, Euro, etc retailers and restaurants would move here and set up new shops to cater to so few people so they go out of business?? ….Yeah, 1/2 the shops at Design District, Merrick Park, BCC, etc etc are closed and that Thomas Keller, Massimo Boturra etc etc sure are morons?….lol.
What’s really happening is wealthier people (and not just 1 or 2) are moving in and pushing out some middle and lower class residents. As I’ve also said for years, how many year round, warm weather, oceanfront, cosmopolitan cities are there in the U.S.(which people—domestic and foreign—pay a premium for)??? Some, perhaps with myopia, confuse Miami for Tijuana.
Anyways, here’s another article showing the best cities for middle class after accounting for essential expenses put together by the Ludwig Institute:
Sounds like someone should move to a nicer neighborhood and/or hang out with a better crowd. As I’ve been saying for years hard to imagine dozens of NYC, Chicago, CA, Euro, etc retailers and restaurants would move here and set up new shops to cater to so few people so they go out of business?? ….Yeah, 1/2 the shops at Design District, Merrick Park, BCC, etc etc are closed and that Thomas Keller, Massimo Boturra etc etc sure are morons?….lol.
What’s really happening is wealthier people (and not just 1 or 2) are moving in and pushing out some middle and lower class residents. As I’ve also said for years, how many year round, warm weather, oceanfront, cosmopolitan cities are there in the U.S.(which people—domestic and foreign—pay a premium for)??? Some, perhaps with myopia, confuse Miami for Tijuana.
Anyways, here’s another article showing the best cities for middle class after accounting for essential expenses put together by the Ludwig Institute:
Bottom line, Orlando, San Diego, NY Metro, LA, Honolulu and Las Vegas all are worse off than Miami. Tampa and Boston are only slightly better.
Home prices rising is Miami is the result of so many people FLEEING other states/cities to come to this great city! Everyone wants a piece of Miami! But, the downside of being the "it" city is price increases.
Still cheaper than NY, better weather and much lower antisemitism.
Sounds like someone should move to a nicer neighborhood and/or hang out with a better crowd. As I’ve been saying for years hard to imagine dozens of NYC, Chicago, CA, Euro, etc retailers and restaurants would move here and set up new shops to cater to so few people so they go out of business?? ….Yeah, 1/2 the shops at Design District, Merrick Park, BCC, etc etc are closed and that Thomas Keller, Massimo Boturra etc etc sure are morons?….lol.
What’s really happening is wealthier people (and not just 1 or 2) are moving in and pushing out some middle and lower class residents. As I’ve also said for years, how many year round, warm weather, oceanfront, cosmopolitan cities are there in the U.S.(which people—domestic and foreign—pay a premium for)??? Some, perhaps with myopia, confuse Miami for Tijuana.
Anyways, here’s another article showing the best cities for middle class after accounting for essential expenses put together by the Ludwig Institute:
Bottom line, Orlando, San Diego, NY Metro, LA, Honolulu and Las Vegas all are worse off than Miami. Tampa and Boston are only slightly better.
1. I'm back in Brickell, but unlike most (if not all people on here) I never stay in my Brickell-Wynwood bubble. Homeless on SoBe is horrible, inland too is worse. My in-laws are in Hialeah, it's horrible there, they were pushed out by city of Miami police and officials.
2. Also, unlike people here, I actually give back to the community. Charity, donations, I help in shelters, food banks, etc... the issue has gotten worse in SoFla, it's hidden well
3. Dude, no-one cares about what new high end restos or shops open up there. It's only available for the high end people and tourists, not for all... also who gives a **** about over-priced clothes and food (that's mediocre at best)
4. There it is, just have to mention a Canadian city. Context is important however, the province was shut down for two years, no **** that would happen. Count was done during the height of the pandemic, the good news is the homeless population went down with the opening of 300+ units. Furthermore, it's been worse! In the 90s, the poverty rate was 41% and the homeless population was 30,000. Today? 10% poverty rate, homeless is now back in the 3K range.
Bottom line: Miami is just a city for the wealthy and tax evasion. Doesn't matter how many rich people are moving there, there has not been any benefit for the people overall, just for the privileged folks (and I'm one of them, I'll admit it)
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Most of us are happy here, you seem to be the outlier focused on the negatives—an odd behavioral trait for someone who claims to be successful. It would be another matter if you could not tolerate the summers here.
I’ve got plenty of highly successful friends living here who are philanthropists, give back to their communities and donate art but they exhibit different behavioral traits than you such as not laboring on the COL here. Could that change?—if their/our QOL suddenly deteriorates, but that is not happening—Miami has gotten better. Furthermore, the good neighborhoods are not confined to just 1 or 2 areas of the county. You seem to downplay the number of areas, people and ability of those who are able to maintain a good QOL here, which includes amenities such as retail, restaurants, events, clean/modern surroundings, more square footage per buck, etc. Cosmopolitan, coastal cities (let alone year round oceanfront with warm weather) command a premium—would be another issue if Miami had NYC or CA prices with Lubbock, TX amenities..
Most transplants aren’t moving to Hialeah, either, nor is that area representative of the entire County or Metro. It would be like my dissing on NYC because of the South Bronx.
Maybe I have a different perspective than you because I remember what Miami was like in the 70’s and 80’s (and have witnessed how it has grown up as a major city) and I’ve lived in other desirable, even more expensive coastal cities that have even greater problems than exist here that you seem to ignore by focusing exclusively on Miami. Yes, a frame of reference is useful.
P.S. My “privileged”, highly successful friends don’t spend any time on CD. In fact, they have no idea what it is…lol. They’re either too busy making more money and/or having fun.
My bubble must be pretty big….extends 20 miles from So Miami to Bal Harbour….expands even further when I visit friends and family up to and including Palm Beach County.
Last edited by elchevere; 11-30-2023 at 09:39 AM..
Most of us are happy here, you seem to be the outlier focused on the negatives—an odd behavioral trait for someone who claims to be successful. It would be another matter if you could not tolerate the summers here.
I’ve got plenty of highly successful friends living here who are philanthropists, give back to their communities and donate art but they exhibit different behavioral traits than you such as not laboring on the COL here. Could that change?—if their/our QOL suddenly deteriorates, but that is not happening—Miami has gotten better. Furthermore, the good neighborhoods are not confined to just 1 or 2 areas of the county. You seem to downplay the number of areas, people and ability of those who are able to maintain a good QOL here, which includes amenities such as retail, restaurants, events, clean/modern surroundings, more square footage per buck, etc. Cosmopolitan, coastal cities (let alone year round oceanfront with warm weather) command a premium—would be another issue if Miami had NYC or CA prices with Lubbock, TX amenities..
Most transplants aren’t moving to Hialeah, either, nor is that area representative of the entire County or Metro. It would be like my dissing on NYC because of the South Bronx.
Maybe I have a different perspective than you because I remember what Miami was like in the 70’s and 80’s (and have witnessed how it has grown up as a major city) and I’ve lived in other desirable, even more expensive coastal cities that have even greater problems than exist here that you seem to ignore by focusing exclusively on Miami. Yes, a frame of reference is useful.
P.S. My “privileged”, highly successful friends don’t spend any time on CD. In fact, they have no idea what it is…lol. They’re either too busy making more money and/or having fun.
My bubble must be pretty big….extends 20 miles from So Miami to Bal Harbour….expands even further when I visit friends and family up to and including Palm Beach County.
There's this thing called a cell phone, you should try it out! That's why I'm on here and everything all the time. I'm on my phone often anyways, if I'm not at in person meetings, I work at the office or on my phone...
So what if I'm on here often, I see people who are successful wasting time on X or LinkedIn 24/7 and still seal deals. I start my days at 3am, FYI.... by the time I'm done working, it's 7pm. Plus I'm retiring in a few weeks, so now I can do whatever the **** I want.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,411 posts, read 6,559,570 times
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Quote:
Originally Posted by CXT2000
There's this thing called a cell phone, you should try it out! That's why I'm on here and everything all the time. I'm on my phone often anyways, if I'm not at in person meetings, I work at the office or on my phone...
So what if I'm on here often, I see people who are successful wasting time on X or LinkedIn 24/7 and still seal deals. I start my days at 3am, FYI.... by the time I'm done working, it's 7pm. Plus I'm retiring in a few weeks, so now I can do whatever the **** I want.
Newsflash: My successful friends and I have cell phones. They apparently don’t have as much time on their hands as you or I and/or they have more important things to do….i wasn’t questioning why you are on here so often; rather to state a bunch of my highly successful friends never heard of CD—hasn’t held them back. Doubt they’re outliers. I would think LinkedIn is more relevant to CEO’s, Finance Execs, high profile attorney’s, etc etc than CD.
Anyways, congrats on your upcoming retirement. Maybe you will enjoy Miami more without the pressures of work. One thing I never had to contend with—even during the few years after I moved here and worked from home (pre Covid) before retiring—was commuting to work and/or making business calls in and around SoFla. (Most of my calls were out of town trips via plane). That certainly might have increased my stress level and impacted my “fondness” to some degree.
Last edited by elchevere; 11-30-2023 at 11:16 AM..
CXT2000, what keeps you in Miami if you dislike it so much? Family?
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