The Struggle of the Financially-Independent Millennial in Miami

If you’ve lived anywhere other than Miami, you probably understand that the 305 is truly something else. It means year-round warmth, diversity, and the big-city life all in one, and there are plenty of things to do to keep yourself entertained. From going out in Brickell to exploring the art district in Wynwood, this city truly has everything you need to the life of a fun-loving millennial.

But as we all know, living as a millennial isn’t exactly easy these days. Rent is expensive, student loans are a burden, and the thought of not having enough money to retire sits in the back of your mind. To get an idea of just how these issues sit in the mind of Millennials, Finty surveyed 600 millennials on their saving and spending habits. To see how this survey can be applied to the perspective of a Miami millennial, keep reading.

The average rent in Miami is over $1,700 a month, which is a figure that keeps growing every year. According to the Finty survey, half of millennials’ biggest expense is rent. Miami’s average rent is even higher than the national average, meaning that the weight of paying rent for millennials in Miami is even more daunting.

With the price of rent in Miami being so high, it’s hard to save money. Over one-third of survey respondents said that they put 5% or less of their income towards savings monthly, and over one-fourth of respondents have less than $500 in their savings total. Now, imagine trying to save money in Miami while putting so little into savings and not having enough for a real emergency. This makes nights out at the Wharf or E11even a little bit more unrealistic to do on a regular basis if you actually want to start saving for your future.

Another interesting finding of the survey is that over one-fourth of respondents could last for less than a month with their current savings after they lose a job. This just stresses the importance of saving money. Most of the time, you can’t predict being let go from your job, and if you don’t have savings or a new job lined up, you won’t last long in Miami.

Now, the goal of this isn’t to scare you, but rather to make you more conscious of how you’re currently living in Miami, or give you a head start into the right financial mindset before making the move to Miami. Not everybody has to live in Brickell -- consider other areas of Miami as well to keep the price of rent down and your savings high. You can take the metro around downtown and throughout greater Miami to commute and save money, and you can get a roommate to split the cost of rent with.

Miami is a joy to live in, but like other big cities, it can be tough as a millennial. Track your finances wisely and be smart about your decisions before making the leap to a new job, home, or life in Miami. Also, don’t be afraid to let loose every once in a while at Dirty Rabbit or El Patio -- just be smart!