Sunday, July 22, 2007

Miami aka The Magic City- Just An Illusion?

When out-of-towners think of the City of Miami, what comes to mind? Let me help you out:
  • Beautiful Weather
  • South Beach
  • Hot Women
Granted, those are great reasons to live here. But recently, Miami has been topping the headlines everywhere; for all the wrong reasons. This Sun-Sentinel article highlights the ridiculously high-cost of living in the Magic City. According to the article, housing costs are growing at a 6.7% annual rate and rent is even worse at 9.9%. Overall, the CPI grew 4.4% in May & June of this year compared to 2.7% for the rest of the nation.

Living in Miami gets uglier when you find out it has the
rudest drivers in America. This isn't even new news since it's the second year in a row that Miami tops the list. One person interviewed attests to the situation: "I've seen everything. I'm from L.A., and we don't see the crazy drivers that you see here".

Finally, ranked Miami to have the
shakiest real estate in the country. The problem stems from the high inventory rates and not enough buyers. Add the 6.7% increase in housing costs and you have a bad recipe.

I've lived in Miami all my life and I have to say that all these negatives are very visible to me in my everyday life. It gets to the point where I feel I must make the decision to leave the city if I ever want to attain wealth. Something not mentioned is that salaries are lagging; they are not keeping up with all these increases in cost of living. In places like LA at least the salaries tend to more or less reflect the cost of living. But not in Miami. Being a recent college graduate with 4 years of professional experience who is looking for full-time work, I've been offered measly 20k-25k salaries. I've checked craigslist, careerbuilder and others job sites and companies are asking for a plethora of skills and experience but rewarding you with chump change.

How many of you found it necessary to move to the Boondocks (small towns/cities) to accumulate wealth? To those of you who live in metropolitan areas, what advice do you give to recent college grads that face conditions similar to the city of Miami?

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