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The Average Miamian Can Afford to Save Only $18 a Month

Categories: Recessionomics

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Photo by Tax Credit Flickr | CC
Another day, another pointed reminder that Miami is an economic nightmare for all but the elite.

Interest.com compared the average expenses for residents of the county's major metro areas to the average income to find out how much "savings opportunity" a regular citizen might have at the end of the month. For Miamians, it's just $18 a month (or roughly the price of a mojito on South Beach). That's the second-lowest savings opportunity in the nation.

See also: Miami Rents Are Wildly Unaffordable for Average Residents

The analysis finds that the median after-tax income in the area is just $32,745 a year. The average expenditure, meanwhile, is $32,533. That leaves only $212 a year for the savings account. Figure in a speeding ticket or a lost cell phone and you're pretty much screwed.

The site's analysis, by the way, combines both Miami-Dade and Broward counties.

On average, South Floridians spend about $12,990 a year on housing, $3,798 on transportation, and $6,129 on food.

Interest.com found that the median savings rate in Miami is exactly zero. That means more than half of Miamians are not saving anything each year. In fact, only 16 percent of households contribute to a 401(k) or IRA. The grand irony of living in South Florida, a mecca for retirees, is that locals can't afford to have a nice retirement here.

The only city analyzed that has a worse savings opportunity situation is Phoenix, where residents somehow lose $95 a month, once again proving that Arizona is considerably worse than Florida.

The situation in Miami likely won't get much better anytime soon, as the recent boom of construction in luxury high-rises continues to drive up rents for even the average Miamian. If only city and local business leaders were more concerned with bringing more solid middle-class jobs to the city than they were Zaha Hadid skyscrapers.

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42 comments
Ka_Roger
Ka_Roger

Conjo!   But that includes the BMW lease = $587 per mes  The 7 x club covers $240 per mes - The VIP bottle of Goose = $175 x 4 each mes - Traffic tickets = $355 Tanning salon $233 - Burdines charge card $655 -

Frank Castle
Frank Castle

Miami is cheaper than ny but you get paid more in ny and there are more jobs than miami...plus ny is not bias like miami is. All these cubans are bias as fuck, if your not cuban they push u to the side, thats why they will never progress..thank god im moving soon

Frank Castle
Frank Castle

The rich people in miami are fakes...either they are doing medicaid fraud or doing some kind of pyrimid sceme, they think people dont notice but i do

frankd4
frankd4 topcommenter

................"  $3,798 on transportation, "............

this comes to $316.50 per month - which simply cannot be logical given INSURANCE alone is around $100 and GAS another $160 leaves $56.50 for ALL the rest including depreciation, repairs, maintenance, tires, registration, tolls, parking and so on - even if it is a lease you have to have insurance and gas - no ?

frankd4
frankd4 topcommenter

..........my suspicion is when the price of gasoline goes ABOVE $4 per gallon, many IF NOT MOST cannot "afford" to commute to their jobs and add $10 per day in TOLLs - and that's that - it's game over

and rather than get a car repo-ed people have simply STOPPED paying their mortgages (on an underwater house it may be a financially "smart" thing to do (immoral unethical and fraudulent yes but purely financially "smart")

frankd4
frankd4 topcommenter

..................i would contest the "averages" which may NOT indicate the true picture (just as stereo-typing people doesn't give a clear picture either)

when a family falls behind it re-prioritizes the CASH FLOW immediately and those new and fancy and expensive cars may mean the family no longer pays a monthly mortgage payment (so of course it can "afford" a higher CAR payment)

filing bankruptcy strategically such as have a husband file first and then the spouse file months afterwards, called ping-ponging, means a few years may go by from when the FIRST monthly mortgage payment is stopped to when the residents actually have to be vacated - and the BONUS over the past three to four years to strategically planned mortgage defaults has been the robo-signing and mortgage-debt sold as "investment" (where false and inaccurate loan documents cannot show the "owner" of the loan debt and many times leaving banks perpetrating fraud on the courts as to the banks real "standing")

anyone not paying a mortgage for seven plus years can just about drive any car they want - which is why here in MIAMI many people drive cars way beyond their real means

makes_sense
makes_sense

legalize canabis create jobs collect taxes #medicalmarijuana

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Tykler Kenze

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Ebers Ortega
Ebers Ortega

im sure miami is more affordable than nyc and san fran...

Cts Limo Cts Limo
Cts Limo Cts Limo

There is wealth in Miami but that wealth has nothing to do with the poor and the underprivileged who are employed and who service them

Erin Kawell
Erin Kawell

it's outrageous. middle class is important. otherwise... crime will only get worse.

Dennis D Shamblin
Dennis D Shamblin

Would you like to know more about Bigfoot and the mafia? If so read my family biography "Surviving Bigfoot and the Dixie Mafia." My true book was written from journals, diaries, and interviews. It is sold out in paperback, however you can read it free online from six stores.

Joe Matos
Joe Matos

Salaries in miami definitely needs to be increased to be compatible with the cost of living in our city.

Dee Hablo
Dee Hablo

Are u sure that's why or is it cause they don't pay shit here

Shaneka S Dennis
Shaneka S Dennis

Rent too damn high and they're very little jobs here if you don't speak Spanish. You as an American born citizen have to be fluent in Spanish but they only need to say "me no English " in English.

Familia Ramirez
Familia Ramirez

Miami-Dade County is a city of contrasts and illusions. Don't believe everything you see. The sunshine blinds most from reality.

Desi Moore Fleming
Desi Moore Fleming

Yes may be plenty of wealth but even more poor or middle class. Everyone seems to think one is rich living in these areas. But could not be far from the truth. Get out on look around you.

Je Suis Jammal
Je Suis Jammal

A majority of people in Miami are not wealthy Linda Marie. Perhaps The writer should re-word, but he is not far from the truth. Not sure how you "livin" in #Miami

Linda Marie
Linda Marie

BS Bad Journalism Miami TImes plenty of wealth in South Florida

j.pollo
j.pollo

Wouldn't they be able to save a lot more if they didn't go out so much? Ah, but that's out of the question.

EzƦă VɅǹ
EzƦă VɅǹ

Hate to break it to you but it's not just Miami. The average US household credit card debt in 2014 stands at $15,191. The fact that Miamians can actually save $18 means we are ahead of the game. Yes it's really sad.

Nick Moss
Nick Moss

Would be nice to see politicians compared about bringing in solid middle class jobs. But skyscrapers are so shiny... ahh, tough call.

DrumRollPlease
DrumRollPlease

That would explain why my condo building is falling apart.  Nobody has any money.  Who needs elevators, lights, or a leak free roof anyway. 

Anthonyvop1
Anthonyvop1 topcommenter

Wait

Are you saying that the constant election of Left-wing politicians with their imposition of Keynesian/Socialist policies and the Cronyism it creates has been a failure?


I am shocked......Shocked I say.



HarryTheHandyman
HarryTheHandyman topcommenter

"But these results suggest that many families are also allowing expenses to grow -- whether it's by moving to a bigger house or buying a more luxurious car -- until their bills consume every dollar of disposable income.

That's actually encouraging. It means we aren't caught in an unwinnable rat race, the powerless victims of economic forces beyond our control.

If median income families just spend a little more wisely, it looks like they can enjoy an acceptable standard of living and have money to save and invest in their futures. The choice is there to be made."

Good job picking and choosing to make it seem like its all doom and gloom.

frankd4
frankd4 topcommenter

...............to be RICH in NY you are "vetted" almost routinely, for example, a NYC co-op board has every right to deny anyone looking to purchase a unit in the building,  BUT here in MIAMI the uber-drug kingpins can buy up units through all cash transactions using foreign LLCs in ANY residential high-rise luxury condo building here and "appear" to be "real" people with high standards of morality and ethics - (also NYC NYPD is the most sophisticated and advanced investigators so no way a drug lord wants that kind of scrutiny so escobar won't EVER live in trump tower)

HarryTheHandyman
HarryTheHandyman topcommenter

Calling anything Kyle writes journalism is a stretch.

flamengo1265
flamengo1265

@Anthonyvop1   Yes, I wish we had a nice bunch of socialist liberals running Miami so we could all experience the same utopia that the happy middle-class Cubans in Havana and Venezuelans in Caracas enjoy.

nitotheblue
nitotheblue

Republican mayor. Republican Florida house majority . Republican Florida Senate majority. Republican governor. so what are you talking about?

Anthonyvop1
Anthonyvop1 topcommenter

@nitotheblue Just because they say they are Republicans does not mean they are "Free-Market" adherents.


Ever hear of the term R.I.N.O.?   


I defy anyone here to show me anyone who has sat on the City of Miami or Miami-Dade County commissions in the last 50 years who was a Fiscal conservative.  


Just one.   I dare ya.

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