Just signed a remote job offer in strategy consulting. Salary will be 176k base. I’m moving to Miami. I have 240k savings from family, inheritance and my own. Few questions for the community:

- Is this a good salary for a city like Miami?
- What’s the COL?
- Would you buy or rent?
- Would you lease/buy a car? What car?
- Where would you live? (I don’t want to live in Brickell)

PD. Don’t have to answer all questions.

Thanks 👊🏼

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Have lived here all my life and currently have similar base/savings (and currently buying a home for my family.) That’s definitely a good amount of money. I agree with the above poster to rent first. We’ve lived in South Beach, Brickell, Miami Shores, Aventura, Edgewater, Coral Gables, Kendall, etc and even having always lived here, it gave me a good idea of what I liked and didn’t like and really got to enjoy parts of Miami which are all very different.

Are you single? Have a family? What do you like to do? Do you mind driving? How much do you care about the beach?

RE: rent vs buy: If you buy now, you’d get less bang for your buck. The market is insane, inventory is tight and people are getting into bidding wars and standing in line for showings.

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Oops I answered down below but I think those are all great neighborhoods near all the action but not *in* the party/touristy areas. So much good food there and easy access to outdoor activities.

Also having just sold my house near the Shores and looking to buy again, there are actually some pretty decent deals in that area to buy depending on what you need. A friend of mine just bought a completely remodeled home for $800k 3/2 in Miami Shores and tbh given what I’ve seen throughout Miami the last few months, I think she scored.

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If you’re single in your 20s really re consider brickell. Maybe wynwood too.

Hope you speak some Spanish.

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Brickell is the place to be, close to everything and super safe

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That’s a good amount of money to live well in pretty much any part in Miami. Depending on the lifestyle you’re looking for I could recommend a neighborhood. Miami is a great real estate market, but right now you’d be buying at peak price. Its probably worth you renting for a year so you can get a lay of the land. As far as buying a car, I’d recommend leasing or buying a car and getting gap insurance. Miami drivers are terrible and insurance isn’t a requirement if you own the car outright.

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There are so many, it depends on what you likewise have around you. Do you like to live on or near the water, do you want parks nearby, do you want nightlife, etc

Doing the same, following.

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With your salary, you will do just fine. Depends on where you live, but for a luxury high rise with all the amenities start at around $2,500/month and go up.

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-Yes, it is a good salary for Miami, I live in the area and make 100k and live comfortably
-It gets pricer the closer you get to downtown Miami
-At your salary and savings amounts, I'd definitely buy over renting.
-Funyn enough I recently just purchased at car.. I went with the CX5. The type of car you should get is really dependent on your own situation, and other factors i.e; are you married, single? Do you have kids? How old are you? How much you want to spend? What are you going to use it for? Etc
-In terms of where to live, I live in Hollywood and love it. Other nice area are North Miami, Aventura.

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SA, I lived a few blocks away from Morningside and loved it. Very central, easy drive to midtown, beach, etc. Flood insurance was awful but besides that, I really enjoyed my lifestyle there. Moved away because there aren’t any good schools for my kids in the area

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What company and position? That’s great for Miami. Edge Water is growing, coconut grove area is nice too.

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176 is our salary for second year SA. Or maybe third year SA. I can’t remember - it’s been a few years since I was that level. Our pay doesn’t change by mba or not

But that’s just my guess.

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Why not Brickell?

I live in Brickell. Most buildings have a self parking option. If it’s not your cup of tea check out Edgewater & Midtown - more down to earth people IMO

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Miami is already full. Be prepared for the worst traffic and crowds

From what you’ve said, Midtown and Edgewater probably best. People are more chill than Brickell and you’re near on/off ramps for the highway so you can get to the beach in no time.

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