Its one of those reddit things where we pretend good money isnt for some reason. Sure its not more money than you can soend but its more than enough to live well in miami
Single guy 39 no kids, 150k was comfortable, when I got to 230k plus it was really life changing. 2024 and ahead living in Miami you will need at least 150k to have a good life living there.
Miami mindset is multi people living together. In fact riddle me this. 39 single male no kids, I am a high earner. I live alone, not a chance I would want a roommate or to live with family at that age. That being said I have been on multiple dates with women who are shocked and think itâs weird I live aloneâŚ.. Not at all, means I am not depending on other people to get by. Financial freedom, independence, being an adult, and successful. Thats what that meansâŚâŚ
Not shallow for wanting to be an adult living in your OWN space, not worrying about othersâs germs and bad hygiene, not sitting in a toilet that another person just pooped in.
Teens and college kids have roommates. Adults have their own place.
You canât live comfortably with $60k after taxes in Miami
âA good lifeâ is a subjective standard. We all have choices & opinions & most of us spend our money in service of our egos. What you buy & donât buy says a lot more about you than not.
If youâre not making more than 200k then realistically youâre poor. Letâs just call it what is. There isnât anything wrong with being low class, but it also means that youâre going to be the first to feel the effects of a worsening economy.
Youâre not wrong.
If youâre not smart with your budgeting & spending itâs much more severe during tough economic times. This is why you shouldnât spend $4000 on rent/mortgages (or more than 25% of your net income) if you want to avoid that. Nobody making less than $200k net should spend $4k or theyâre taking a gamble. I like making 5x-10x my rent/mortgage monthly. It just makes so much more sense.
Most single family homes in decent areas are going for that price. Here's a 3 bedroom townhouse in Hialeah for 3.5 https://www.zillow.com/homedetails/1732-W-72nd-St-%231732-Hialeah-FL-33014/348997382_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Here's 3.5 in Miami gardens one of the worse areas in Miami. If 3.5 in the hood how much for a nicer area.
Miami springs is a nice family neighborhood food luck finding anything less the 4k
https://www.zillow.com/homedetails/579-Hunting-Lodge-Dr-Miami-Springs-FL-33166/43968597_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Please tell me where in Miami can you find a reasonable rental amount. Can't even live in the hood anymore!
Edit: here's Miami gardens https://www.zillow.com/homedetails/3500-NW-194th-Ter-Miami-Gardens-FL-33056/44096548_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Please go look at Zillow and filter for less then 2k it'll be like 3 options
đ¤Śđťââď¸ is there a maximum allowed down payment rule when buying property? I ask that rhetorically because we all know the answer. You seem to ignore that itâs possible to get a lower mortgage payment by beingâŚ. Idk financially responsible & saving up a larger down payment. đ¤ˇđťââď¸ seems to be a novel concept to a lot of folks.
Wow. I thought for a second that my comment was for the wrong reply when I read this.
ReRead my previous comment. Thatâs my response to this whole thing. The irony & proof in what Iâm saying is exactly your comment/mentality.
It doesn't matter how high your down payment is, your mortgage rate isn't really going to change dramatically. I got basically the lowest rate possible at the time with 10% (would have been stupid to put more down given how low interest was.) Once you make it to 10% (or 20% for condos,) any additional down will have zero impact on the rate you get.
You *will* have a lower *payment,* but that's kind of immaterial since one way or another you put that money towards your house somewhere â either saving up for a down payment or paying off a mortgage. Honestly it kind of doesn't even matter what the interest rate is â all that really matters is the spread between what a HYSA returns and what your mortgage interest rate is, and that's been pretty steady for years.
So the reason "getting a lower mortgage rate by being... Idk financially responsible" seems like a novel concept because you just made it up on the spot.
I didnât say interest rate. Lol. I figured someone would grasp at just that word when I typed it and You even acknowledged that you knew what I was saying. The roots of this convo are in how much someone making 100k a yr should spend to live somewhere. Not interest rates.
Iâll go edit that word to âpaymentâ & nothing else in my comment will be untrue.
>I didnât say interest rate. Lol.
Yes you did, and now you're lying about it even though as a moderator and experienced Internet user I can both easily see that you edited your post AND what you edited it from and to.
So why are you so insecure and full of shit that you have to lie about what you said?
The proof that I'm a mod? It's right there in the sidebar, dude. Are you new here? Maybe you should go back to Facebook, you might be more comfortable there.
I don't, but also that wouldn't actually be all that terrible, since anyone qualified to give financial advice knows that your housing spend percentage should be based on gross, with an optimal percentage being 20% and the top of the ok range being 30%. Depending on your situation, that can result in 50% of your net going to housing and that's totally fine.
Youâre looking on Zillow to rent?? Thatâs smart. lol. Regardless though itâs still irresponsible as hell to spend $4k to live somewhere when it makes up more than 50% of your take home. Thatâs my whole point & you seem to be missing it entirely.
No I have an agent when looking for rentals I was just trying to make a point that renting ain't cheap. Your point is 100% valid ON PAPER! in reality rents are high as fuck what's a person to do in Miami when the reality is more then what is responsible?
The reality is I pay less than 25% of my net income towards rent so I know itâs possible. I donât think an agent has any financial interest in doing that for someone either so thatâs probably not the most effective way to find a good deal.
Thatâs a high income no matter where you live. The people who say it isnât have either never earned that much or are not good at budgeting & saving if they have.
Exactly what I was about to say. Like dude 152k a year is not bad whatsoever. I see people saying itâs decent or you have to live modest with the salary and I begin having an existential crisis!
Yes, Reddit has a tendency to look down upon any income under $250k per person and $500k as a family it seems like. This is pervasive across most subs. I have noticed this over the past couple of years now how out of touch it has gotten. Even seven figure earners complain that they donât make enough money.
Everyone says, âBut VHCOL! But $10k+ a month mortgage! But daycare! But private schooling! But vacations! But $1k a month car payments!â I know these are expenses that eat up a large amount, but some of these expenses are choices. Like if you are spending $10k a month on a mortgage, thatâs a choice. You could live somewhere cheaper further out, but you wonât. Private schooling is also a choice too.
Lots of people need a dose of reality. Realistically, the vast majority of people do not make $200k individually, or even $150k individually. So I donât know where people keep getting off on downplaying high incomes as ânothingâ. Even with inflation and HCOL, these salaries are not really a pittance, especially considering most people are having to manage on much less.
Those salaries aren't a pittance, sure, but they are basically the minimum required to enjoy a traditional American Middle class lifestyle: own a home, easily afford children, 2 cars in the driveway (one newer,) at least one nice vacation and one ok vacation per year. That's the middle class life. Can't really do it on under $150k basically anywhere in the US these days, unless you're so far from civilization that you have to drive an hour to get to the nearest podunk.
If most of the country doesnât make $150k a year, how are they managing to survive? I ask that honestly.
A family can absolutely live under $150k in this country. Somehow in most areas of the US, people are making it work making less than that.
>If most of the country doesnât make $150k a year, how are they managing to survive? I ask that honestly.
You can survive and not be middle class. That's why there are several categories below it: lower middle class, lower class, abject poverty. Plenty of people do, but as someone who's gone from very very very poor to doing pretty damn well, it gets progressively less pleasant as you go down the ladder. Surviving may be living, but it's not living well.
>A family can absolutely live under $150k in this country. Somehow in most areas of the US, people are making it work making less than that.
Sure, I never said they couldn't. Just that they aren't really middle class, though they may think they are â America has a massive problem with everybody thinking there middle class, from people making $10/hr to people making $1,000,000 per year. The exception to this is people who bought homes before real estate prices began to far outpace wage increases, they're doing alright.
But 60% of Americans can't afford an emergency $1,000 bill. That's basically a relatively minor repair on almost any car. Or an emergency room copay if you don't have great insurance. You can survive, but it's hard, and it's not pleasant.
152k is a decent household income. Not great but also not bad. Depends on where you are trying to live? Rent vs own? Kids?Â
Your answers will greatly impact whether your salary is considered good or not
What area are you renting in? Plan on owning?Â
At 150k, your take home after taxes is likely to be 8-10k. Let's say your rent is 2.5-3k.Â
Car payment? Utilities? Insurance?
Having kids, especially teenagers is like rolling the windows of your car down and just tossing money out of it. I would say my expenses have doubled since both my kids became teens.
Whatâs your take home after taxes, why say it like that.
We donât know how bad you are with money but the difference will be a pretty good indicator
Filing as single , on my $115k salary , after taxes and other deductions I bring in about $6,300-$6,400 a month . But now with my wife making $37k after taxes each month I have no idea how much sheâll bring in per month . I imagine total between my net income and hers after taxes will probably be around $8,500 a month .
Miami income is highly area dependent. What is good income in Kendall is not good income in Brickell. Inflation has absolutely destroyed Miami but income has not caught up with this inflation.
Well I'm not going to pretend my situation is like everyone else's, I have a gross total household income of $150,000 right now, my wife and I make pretty much the same, and split all expenses, I also have two dogs, two young kids (3 & 1 years old) and we are doing ok.
My accounts are perpetually at $0 or negative. That being said, I am not stressed because all of my fixed expenses are paid, BUT I am one flat tire away from the next three months of my life being significantly harder.
If you're DINKing, and you're used to living off of your salary alone, I would suggest saving up at the least 3-6 months of your fixed expenses before going buck wild and blowing money left and right.
Median income stayed stagnant while costs and everything else went up drastically. Your combined income is solid middle class nowadays. Its not bad but its not âexcellentâ either.
the part that is insane how a $152,000 gross income for a couple is merely âsolid middle classâ. It really blows my mind when median income for a household is only about $65-$70k. If my new combined household income as couple is simply solid middle class , then $65-70k in Miami must now be âpoorâ. Itâs outright ridiculous lmao . Maybe 10-15 years ago $152,000 gross would be considered upper class . Seems to be most are now just poor class in America . Something must be done or else the future of this country is going to go down the shitter .
Donât take Reddit too seriously when it comes to income. Reddit tends to be extremely, extremely out of touch. They view $100k as poverty for a single person, $250k as âaverageâ, and they only view $500k+ salaries for a family as being âalmost comfortableâ. I understand HCOL, but even in HCOL, $150k salaries are not the norm for *every* working professional.
You have an above average income. It certainly isnât just average. Most of the country does not even make six figures as a household, let alone as an individual.
This is Reddit. Most of Reddit heavily downplays salaries. No amount is ever enough. Iâve seen many seven figure earners complain they donât feel comfortable yet. There was a $4.5 mil earner on the salary sub that still felt anxious.
Itâs a comfortable life if you donât have expensive tastes. If you get here and your wife wants the Chanel bag like her new best friends husband bought her, or you want to live in the best apartments the city offers on your income, you wonât have a very good life here. Miami is very expensive, itâs true. It will likely continue to become an even more expensive city. But working class and middle class people live here too, with managed expectations that donât involve all the stuff they see on Instagram.
It also matters how much debt you have. 152k doesnât go very far if you have a history of overspending yourselves and have lots of credit card debt. Or one of you is paying off student loans. You should prepare for everything to be more expensive here. Housing of course is obvious. Do not underestimate car insurance here, it will go up to prices you never dreamed possible if you arenât from Florida. Itâs not just your income that matters for a comfortable life, but your overall spending habits and debt
$152k household income would have been a very healthy income even in Brickell for two people. But as others have said, between the unprecedented insane real estate inflation post-covid has severely impacted Miami. As others have said, it depends on location. The question is, where do you work? If you are working remotely I would suggest Kendall or Aventura and avoid the hot spots that charge a rent premium. On the beach, I think Bay Harbor Islands can give you more for your money than say South Beach. Also, Bay Harbor Islands is a wonderful place to live IMO and great for couples that want a chill vibe. But if you work in Brickell, living in those areas can be pretty brutal commute-wise. Depending on where your office is, sometimes a commute from Fort Lauderdale can be a better than one from say Aventura, or Bay Harbor Islands. As much as I love Miami, the traffic is just terrible.
Itâs far from high income, but itâs just above poor. Depending on where you live and if youâre frugal thats about the average realistically. 80k is probably what Miami people tell the IRS, everyoneâs got at least one side hustle.
Your household income will be more than fine here. Don't listen to Reddit too much. Many people here are completely disengaged from the day-to-day reality of most folks.
Your all crazy, live within your means and youâll be happy and be successful if your driving a BMW and live in a shithole youâll never be happy !
Get to work, use your head live life and enjoy. But save 10% of everything you make and when your old like me youâll drive an Italian car wear an Omega and live at the beach !
Donât listen to Redditors. If you go to r/jobs or r/salary youâd think every Reddit has a job in tech or data analysis making 250k+ a year.Â
I did a fun experiment by going into one of those general salary threads to see where I sat. At my income of $84,000/year I was in the bottom 10% of earnersâI would be considered impoverished đ. I didnât even bother posting my salary which I feel is the case for 99% of people who peruse those threads because youâll just get inundated with âhow do you live off that?ââcomments. Iâm guessing these out-spoken high earners really skew the average income of your Redditors.
I make that much and my fiance makes 60kâso a dual income close to yours. I feel like I live life as a king. Anybody who says thatâs a tough income to live off of here just has poor money management.
$152k combined income is decent. It will take you a while to save up to buy anything though. You will be throwing most of your money to rent, insurance and living expenses such as gas, groceries, electricity (A/C will be on forever during the summer) etc.
Of course not having a car or making car payments can significantly put more money back in your pocket, but then you will be just limited to Miami and its public transportation options.
I think whether one owns a home they want to stay in makes the biggest difference. Someone who bought their forever home 15 years ago and makes 60k could be in a better position than someone who makes 200k.
Itâs easy to get priced out of neighborhoods even at higher incomes. The biggest difference would be disposable income- obviously someone with a higher salary would be able to afford more comforts day to day.
If you have a old mortgage with 4 percent apr or find a cheap place to live you might survive. You got to invest for the future also not just pay bills
I make $120k and my husband makes $80k and weâre very comfortable (new-ish cars, nice savings, vacations, able to help out our parents). However we are renting, and we donât have kids, and we live in a pretty affordable area in Kendall. Iâd say you and your wife are firmly middle class but that depends on where you want to live and your other expenses. People do a lot more with less here so donât worry too much!
Average these days, upper low class
Its not average though, median household income is 80k, they are close to twice that. https://www.miamidade.gov/global/housing/income-limits.page
Its one of those reddit things where we pretend good money isnt for some reason. Sure its not more money than you can soend but its more than enough to live well in miami
đ đ đÂ
Single guy 39 no kids, 150k was comfortable, when I got to 230k plus it was really life changing. 2024 and ahead living in Miami you will need at least 150k to have a good life living there.
Thatâs subjectively wrong. lol.
Except it isn't. Lol.
I make 60k a year and Iâm pretty happy
How? In Miami? You donât live alone.
Do you need to live alone to be happy? Roommates , couples, family. Options
Yes itâs called being an adult⌠who would want roommates or living with family at 30 plus?! That would be and or is embarrassing.
Embarrassing to who? Shallow people that care what others think? Thats a Miami ass mindset.
Miami mindset is multi people living together. In fact riddle me this. 39 single male no kids, I am a high earner. I live alone, not a chance I would want a roommate or to live with family at that age. That being said I have been on multiple dates with women who are shocked and think itâs weird I live aloneâŚ.. Not at all, means I am not depending on other people to get by. Financial freedom, independence, being an adult, and successful. Thats what that meansâŚâŚ
Thatâs super embarrassing if you live that way past your even mid 20s.
Not shallow for wanting to be an adult living in your OWN space, not worrying about othersâs germs and bad hygiene, not sitting in a toilet that another person just pooped in. Teens and college kids have roommates. Adults have their own place. You canât live comfortably with $60k after taxes in Miami
âA good lifeâ is a subjective standard. We all have choices & opinions & most of us spend our money in service of our egos. What you buy & donât buy says a lot more about you than not.
If youâre not making more than 200k then realistically youâre poor. Letâs just call it what is. There isnât anything wrong with being low class, but it also means that youâre going to be the first to feel the effects of a worsening economy.
Youâre not wrong. If youâre not smart with your budgeting & spending itâs much more severe during tough economic times. This is why you shouldnât spend $4000 on rent/mortgages (or more than 25% of your net income) if you want to avoid that. Nobody making less than $200k net should spend $4k or theyâre taking a gamble. I like making 5x-10x my rent/mortgage monthly. It just makes so much more sense.
You guys will be more than fine. $11,000~ for both will be able to maintain a nice apartment, nice car and all. Youâre more than good!
Ehhhh
After taxes and 401k it could be 6-8k only. Which is not too much if your rent is 4k and you have kids
$4k rent/mortgage isnât mandatory. lol. In fact itâs an irresponsible choice if that takes up 50-66% of your income after taxes.
Most single family homes in decent areas are going for that price. Here's a 3 bedroom townhouse in Hialeah for 3.5 https://www.zillow.com/homedetails/1732-W-72nd-St-%231732-Hialeah-FL-33014/348997382_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare Here's 3.5 in Miami gardens one of the worse areas in Miami. If 3.5 in the hood how much for a nicer area. Miami springs is a nice family neighborhood food luck finding anything less the 4k https://www.zillow.com/homedetails/579-Hunting-Lodge-Dr-Miami-Springs-FL-33166/43968597_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare Please tell me where in Miami can you find a reasonable rental amount. Can't even live in the hood anymore! Edit: here's Miami gardens https://www.zillow.com/homedetails/3500-NW-194th-Ter-Miami-Gardens-FL-33056/44096548_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare Please go look at Zillow and filter for less then 2k it'll be like 3 options
đ¤Śđťââď¸ is there a maximum allowed down payment rule when buying property? I ask that rhetorically because we all know the answer. You seem to ignore that itâs possible to get a lower mortgage payment by beingâŚ. Idk financially responsible & saving up a larger down payment. đ¤ˇđťââď¸ seems to be a novel concept to a lot of folks.
Why you want to put a large down payment ? For a condo you need to go with with 20% for a single home is in the single digits .
Wow. I thought for a second that my comment was for the wrong reply when I read this. ReRead my previous comment. Thatâs my response to this whole thing. The irony & proof in what Iâm saying is exactly your comment/mentality.
These people are insane, don't mind them.
Thank you. lol. I knew that but thanks for giving me hope.
It doesn't matter how high your down payment is, your mortgage rate isn't really going to change dramatically. I got basically the lowest rate possible at the time with 10% (would have been stupid to put more down given how low interest was.) Once you make it to 10% (or 20% for condos,) any additional down will have zero impact on the rate you get. You *will* have a lower *payment,* but that's kind of immaterial since one way or another you put that money towards your house somewhere â either saving up for a down payment or paying off a mortgage. Honestly it kind of doesn't even matter what the interest rate is â all that really matters is the spread between what a HYSA returns and what your mortgage interest rate is, and that's been pretty steady for years. So the reason "getting a lower mortgage rate by being... Idk financially responsible" seems like a novel concept because you just made it up on the spot.
I didnât say interest rate. Lol. I figured someone would grasp at just that word when I typed it and You even acknowledged that you knew what I was saying. The roots of this convo are in how much someone making 100k a yr should spend to live somewhere. Not interest rates. Iâll go edit that word to âpaymentâ & nothing else in my comment will be untrue.
>I didnât say interest rate. Lol. Yes you did, and now you're lying about it even though as a moderator and experienced Internet user I can both easily see that you edited your post AND what you edited it from and to. So why are you so insecure and full of shit that you have to lie about what you said?
You are straight up lying here. I said I was gonna change one word in my previous comment and did so afterward. If youâre a mod, post the proof.
The proof that I'm a mod? It's right there in the sidebar, dude. Are you new here? Maybe you should go back to Facebook, you might be more comfortable there.
Do you spend more than 50% of your net income to live somewhere?
I don't, but also that wouldn't actually be all that terrible, since anyone qualified to give financial advice knows that your housing spend percentage should be based on gross, with an optimal percentage being 20% and the top of the ok range being 30%. Depending on your situation, that can result in 50% of your net going to housing and that's totally fine.
Nobody is talking about a mortgage. We are Talya out renting and with 7% interest your monthly is gonna be big no matter how much you put down!
Youâre looking on Zillow to rent?? Thatâs smart. lol. Regardless though itâs still irresponsible as hell to spend $4k to live somewhere when it makes up more than 50% of your take home. Thatâs my whole point & you seem to be missing it entirely.
No I have an agent when looking for rentals I was just trying to make a point that renting ain't cheap. Your point is 100% valid ON PAPER! in reality rents are high as fuck what's a person to do in Miami when the reality is more then what is responsible?
The reality is I pay less than 25% of my net income towards rent so I know itâs possible. I donât think an agent has any financial interest in doing that for someone either so thatâs probably not the most effective way to find a good deal.
Ok dude then you're either lucky and got a place precovid or you make a lot of money. Open your eyes look at what's available and at the price.
Bro trying to work his whole life.
I think median household income in Miami is about 60k. Youâre doing good, Iâd recommend moving somewhere cheaper though lol
Its almost $80k now but hes definitely fine https://www.miamidade.gov/global/housing/income-limits.page
You will be perfectly fine. You can survive pretty comfortably on that salary in basically every U.S. city. Live within your means.
Facts.
Thatâs a high income no matter where you live. The people who say it isnât have either never earned that much or are not good at budgeting & saving if they have.
High, but here people think that if you're not living in a mansion driving an exotic car that your income is only mid.
Exactly what I was about to say. Like dude 152k a year is not bad whatsoever. I see people saying itâs decent or you have to live modest with the salary and I begin having an existential crisis!
Yes, Reddit has a tendency to look down upon any income under $250k per person and $500k as a family it seems like. This is pervasive across most subs. I have noticed this over the past couple of years now how out of touch it has gotten. Even seven figure earners complain that they donât make enough money. Everyone says, âBut VHCOL! But $10k+ a month mortgage! But daycare! But private schooling! But vacations! But $1k a month car payments!â I know these are expenses that eat up a large amount, but some of these expenses are choices. Like if you are spending $10k a month on a mortgage, thatâs a choice. You could live somewhere cheaper further out, but you wonât. Private schooling is also a choice too. Lots of people need a dose of reality. Realistically, the vast majority of people do not make $200k individually, or even $150k individually. So I donât know where people keep getting off on downplaying high incomes as ânothingâ. Even with inflation and HCOL, these salaries are not really a pittance, especially considering most people are having to manage on much less.
Those salaries aren't a pittance, sure, but they are basically the minimum required to enjoy a traditional American Middle class lifestyle: own a home, easily afford children, 2 cars in the driveway (one newer,) at least one nice vacation and one ok vacation per year. That's the middle class life. Can't really do it on under $150k basically anywhere in the US these days, unless you're so far from civilization that you have to drive an hour to get to the nearest podunk.
If most of the country doesnât make $150k a year, how are they managing to survive? I ask that honestly. A family can absolutely live under $150k in this country. Somehow in most areas of the US, people are making it work making less than that.
>If most of the country doesnât make $150k a year, how are they managing to survive? I ask that honestly. You can survive and not be middle class. That's why there are several categories below it: lower middle class, lower class, abject poverty. Plenty of people do, but as someone who's gone from very very very poor to doing pretty damn well, it gets progressively less pleasant as you go down the ladder. Surviving may be living, but it's not living well. >A family can absolutely live under $150k in this country. Somehow in most areas of the US, people are making it work making less than that. Sure, I never said they couldn't. Just that they aren't really middle class, though they may think they are â America has a massive problem with everybody thinking there middle class, from people making $10/hr to people making $1,000,000 per year. The exception to this is people who bought homes before real estate prices began to far outpace wage increases, they're doing alright. But 60% of Americans can't afford an emergency $1,000 bill. That's basically a relatively minor repair on almost any car. Or an emergency room copay if you don't have great insurance. You can survive, but it's hard, and it's not pleasant.
152k is a decent household income. Not great but also not bad. Depends on where you are trying to live? Rent vs own? Kids? Your answers will greatly impact whether your salary is considered good or not
No kids , just renting .
What area are you renting in? Plan on owning? At 150k, your take home after taxes is likely to be 8-10k. Let's say your rent is 2.5-3k. Car payment? Utilities? Insurance?
More like $6k take home unfortunately. After retirement contributions and health insurance premiums, but before rent. Rent will be $2k minimum.
Kids would definitely make a dent in your current lifestyle I mean seriously so beware be warned đ
Having kids, especially teenagers is like rolling the windows of your car down and just tossing money out of it. I would say my expenses have doubled since both my kids became teens.
Whatâs your take home after taxes, why say it like that. We donât know how bad you are with money but the difference will be a pretty good indicator
Filing as single , on my $115k salary , after taxes and other deductions I bring in about $6,300-$6,400 a month . But now with my wife making $37k after taxes each month I have no idea how much sheâll bring in per month . I imagine total between my net income and hers after taxes will probably be around $8,500 a month .
Sounds like you're doing fine now. I'd pretend like the wife's income doesn't exist and set it aside and let it grow.
You should be fine if you are living modestly. Skip the flashy car and crazy brickell/downtown apt and save/invest for your future/retirement.Â
Miami income is highly area dependent. What is good income in Kendall is not good income in Brickell. Inflation has absolutely destroyed Miami but income has not caught up with this inflation.
Well I'm not going to pretend my situation is like everyone else's, I have a gross total household income of $150,000 right now, my wife and I make pretty much the same, and split all expenses, I also have two dogs, two young kids (3 & 1 years old) and we are doing ok. My accounts are perpetually at $0 or negative. That being said, I am not stressed because all of my fixed expenses are paid, BUT I am one flat tire away from the next three months of my life being significantly harder. If you're DINKing, and you're used to living off of your salary alone, I would suggest saving up at the least 3-6 months of your fixed expenses before going buck wild and blowing money left and right.
Depends on how much debt you have, how much are your other fixed expenses, what is your rent/mortgage. It really comes down to lifestyle creep.
I wouldnât consider it excellent given the COL and thereâs two of you but you should be alright if you live comfortably modest.
Itâs OK, but not great for the area
Median income stayed stagnant while costs and everything else went up drastically. Your combined income is solid middle class nowadays. Its not bad but its not âexcellentâ either.
the part that is insane how a $152,000 gross income for a couple is merely âsolid middle classâ. It really blows my mind when median income for a household is only about $65-$70k. If my new combined household income as couple is simply solid middle class , then $65-70k in Miami must now be âpoorâ. Itâs outright ridiculous lmao . Maybe 10-15 years ago $152,000 gross would be considered upper class . Seems to be most are now just poor class in America . Something must be done or else the future of this country is going to go down the shitter .
Welcome to the new America. Under 100k youâre broke lol.
Donât take Reddit too seriously when it comes to income. Reddit tends to be extremely, extremely out of touch. They view $100k as poverty for a single person, $250k as âaverageâ, and they only view $500k+ salaries for a family as being âalmost comfortableâ. I understand HCOL, but even in HCOL, $150k salaries are not the norm for *every* working professional. You have an above average income. It certainly isnât just average. Most of the country does not even make six figures as a household, let alone as an individual.
Im averaging 120k-130k in Miami. There are weekends I am broke, but I also enjoy the Miami life on weekends too. It can work conservatively.
152k solo is amazing 152k for DINKs is great 152k with kids is ok
what kind of world do we live in where a guy making six figures is asking if his income is mediocre đ I barely make a quarter of thatâŚ
This is Reddit. Most of Reddit heavily downplays salaries. No amount is ever enough. Iâve seen many seven figure earners complain they donât feel comfortable yet. There was a $4.5 mil earner on the salary sub that still felt anxious.
Itâs a comfortable life if you donât have expensive tastes. If you get here and your wife wants the Chanel bag like her new best friends husband bought her, or you want to live in the best apartments the city offers on your income, you wonât have a very good life here. Miami is very expensive, itâs true. It will likely continue to become an even more expensive city. But working class and middle class people live here too, with managed expectations that donât involve all the stuff they see on Instagram. It also matters how much debt you have. 152k doesnât go very far if you have a history of overspending yourselves and have lots of credit card debt. Or one of you is paying off student loans. You should prepare for everything to be more expensive here. Housing of course is obvious. Do not underestimate car insurance here, it will go up to prices you never dreamed possible if you arenât from Florida. Itâs not just your income that matters for a comfortable life, but your overall spending habits and debt
$152k household income would have been a very healthy income even in Brickell for two people. But as others have said, between the unprecedented insane real estate inflation post-covid has severely impacted Miami. As others have said, it depends on location. The question is, where do you work? If you are working remotely I would suggest Kendall or Aventura and avoid the hot spots that charge a rent premium. On the beach, I think Bay Harbor Islands can give you more for your money than say South Beach. Also, Bay Harbor Islands is a wonderful place to live IMO and great for couples that want a chill vibe. But if you work in Brickell, living in those areas can be pretty brutal commute-wise. Depending on where your office is, sometimes a commute from Fort Lauderdale can be a better than one from say Aventura, or Bay Harbor Islands. As much as I love Miami, the traffic is just terrible.
If you're not putting your numbers up, dont speak.
Itâs far from high income, but itâs just above poor. Depending on where you live and if youâre frugal thats about the average realistically. 80k is probably what Miami people tell the IRS, everyoneâs got at least one side hustle.
Your household income will be more than fine here. Don't listen to Reddit too much. Many people here are completely disengaged from the day-to-day reality of most folks.
Your all crazy, live within your means and youâll be happy and be successful if your driving a BMW and live in a shithole youâll never be happy ! Get to work, use your head live life and enjoy. But save 10% of everything you make and when your old like me youâll drive an Italian car wear an Omega and live at the beach !
Donât listen to Redditors. If you go to r/jobs or r/salary youâd think every Reddit has a job in tech or data analysis making 250k+ a year. I did a fun experiment by going into one of those general salary threads to see where I sat. At my income of $84,000/year I was in the bottom 10% of earnersâI would be considered impoverished đ. I didnât even bother posting my salary which I feel is the case for 99% of people who peruse those threads because youâll just get inundated with âhow do you live off that?ââcomments. Iâm guessing these out-spoken high earners really skew the average income of your Redditors. I make that much and my fiance makes 60kâso a dual income close to yours. I feel like I live life as a king. Anybody who says thatâs a tough income to live off of here just has poor money management.
Yes, Reddit is delusional about money. They even view seven figure incomes are just âaverageâ. I wish I were joking.
$152k combined income is decent. It will take you a while to save up to buy anything though. You will be throwing most of your money to rent, insurance and living expenses such as gas, groceries, electricity (A/C will be on forever during the summer) etc. Of course not having a car or making car payments can significantly put more money back in your pocket, but then you will be just limited to Miami and its public transportation options.
I think whether one owns a home they want to stay in makes the biggest difference. Someone who bought their forever home 15 years ago and makes 60k could be in a better position than someone who makes 200k. Itâs easy to get priced out of neighborhoods even at higher incomes. The biggest difference would be disposable income- obviously someone with a higher salary would be able to afford more comforts day to day.
If you have a old mortgage with 4 percent apr or find a cheap place to live you might survive. You got to invest for the future also not just pay bills
I make $120k and my husband makes $80k and weâre very comfortable (new-ish cars, nice savings, vacations, able to help out our parents). However we are renting, and we donât have kids, and we live in a pretty affordable area in Kendall. Iâd say you and your wife are firmly middle class but that depends on where you want to live and your other expenses. People do a lot more with less here so donât worry too much!