Photo by Nisian Hughes/Getty Images
Audio By Carbonatix
Miami’s turquoise waters, flamboyant nightlife, and kaleidoscopic clash of cultures have lured countless wide-eyed out-of-townies for decades. But with $15 cheeseburgers, $400 train passes, and sky-high rent, many are finding comfortable living hard to come by in the 305, according to a new study by Upgraded Points.
The travel information company looked at the 53 most populous metros in the U.S., using cost-of-living data from the Economic Policy Institute to determine the minimum income needed to maintain a financially comfortable lifestyle. According to researchers, adults must earn enough income to spend 50 percent of it on necessities, like shelter and food; 30 percent on nonessential purchases; and 20 percent on savings and/or debt payments.
The study paints a bleak picture for Miami adults, who, on average, earn nearly three times less than what is needed to live comfortably here. According to the study, a single adult in the Miami-Fort Lauderdale-West Palm Beach metro area needs to earn at least $118,000 annually to live comfortably; however, annual incomes hover around $43,000. The average U.S. adult, meanwhile, needs to earn approximately $106,000 to live comfortably (according to data and research firm YouGov, only 18 percent of U.S. adults make over $100,000 annually).
When news happens, Miami New Times is there —
Your support strengthens our coverage.
We’re aiming to raise $30,000 by December 31, so we can continue covering what matters most to you. If Miami New Times matters to you, please take action and contribute today, so when news happens, our reporters can be there.
If you happen to have the temerity to raise a family in these times of late-stage capitalism, it’ll cost a whole lot more, especially in South Florida. Here’s how much the study found Miami-area residents need to make based on their at-home situations:
- Two adults, no kids: $154,000
- Two adults, one kid: $209,000
- Two adults, two kids: $244,000
- Two adults, three kids: $300,000
The study didn’t note how much polyamorous couples need to make, but the thought of a throuple may be looking enticing to some right about now.
“Across the country, Americans are discovering that ‘living comfortably’ now carries a much higher price tag,” according to the study. “Essentials like rent, groceries, and child care have grown more expensive in nearly every region — and, in some cities, families need to earn well into six figures just to keep up with the basics.”
The data ranks Miami as the 14th most expensive metro in the U.S., behind only Atlanta in the Southeastern U.S. The most expensive was the San Jose-Sunnyvale-Santa Clara metro, where a single adult needs about $163,000 to be comfortable, while the most affordable was Cleveland, where an adult needs about $86,000.
