Who can afford to live here?
The latest Census survey proves what we've suspected all along: it's WAY too expensive for the average Joe living in Miami. A new study shows that the area is #1 in the proportion of people who pay 50 percent or more of their income to housing costs. This is untenable.
Even longtime homeowners -- moi included -- find home sweet home increasingly expensive. I pay more than twice my mortgage payment toward taxes and insurance. Hubby and I have long talked about downsizing -- but where? Our taxes would actually end up being higher, so whatever we save in maintenance costs would be more than offset by the increase in taxes.
Many, many people I know have moved away. Teachers especially are flocking to Georgia and North Carolina where they get paid about the same but their money goes a long way.
Even longtime homeowners -- moi included -- find home sweet home increasingly expensive. I pay more than twice my mortgage payment toward taxes and insurance. Hubby and I have long talked about downsizing -- but where? Our taxes would actually end up being higher, so whatever we save in maintenance costs would be more than offset by the increase in taxes.
Many, many people I know have moved away. Teachers especially are flocking to Georgia and North Carolina where they get paid about the same but their money goes a long way.
posted by Ana Veciana-Suarez at 8:46 AM
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6 Comments:
I agree with you -- it's ridiculous.
We have an empty nest and we cannot downsize because we could not afford a smaller home. How does that make any sense?
So, for the time being - we are here, also thinking about moving away.
Funny thing is that Miami was where the retirees USED to move to === not anymore.
I must agree as well. As a young professional the situation is bleak. The salaries are laughable compared to the cost of housing of any sorts (renting or owning). Since I graduated college, I moved back in with my parents to "save money", but with the spike in insurance, I end up helping them. My father is ill and cannot work as much as he used to as a consultant, so it is particularly stressing to not be able to save money even at home because I do not make enough to support myself, let alone help my parents, even with a degree and stable career.
The irony is the struggles of all. Cubans defect to Miami for a better life, yet so many natives have defected from Miami because it has become un-livable. Depends on your view of the glass.
The crisis will correct itself, but unfortunately this city will be a beautiful external image of internal defeat and despair.
We moved 9 years ago -- before the real estate run up -- and after living in the Grove & Coral Gables for 15 years. I don't know how Miami residents do it. I travel on business to Miami once a month -- and it's still an exciting, beautiful place -- but the 24/7 traffic and congestion is the first thing you think about for trip planning and meetings.
BTW, taxes and insurance are horrendous everywhere on the coast of Florida...you're not alone!
Keep on reporting on fake hurricanes and scare tactics, the insurance companies will keep up with their price gouging
whining all around...get over it people...if you hate miami so much why care even talking about it?
Perhaps you work for one of those insurance companies. Miami is not the problem, and protecting personal assets and savings has nothing to do with whining. In fact, aren;t you whining about this thread's response?
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