Miami is known for its vast beautiful beaches and its energetic nightlife; tourists from around the world choose the city as their vacation destination. However, students who reside in Miami face a different reality.
According to William Hardin, director of the the University’s Tibor and Sheila Hollo School of Real Estate, “Miami is one of the most expensive cities to live in, the average starting salary will not go very far if a recent graduate plans on living alone in the city.”
Every year students, once they reach graduation, are faced with the decision of whether to relocate to a more affordable city, or stay and manage what they can from their new salaries.
“Once graduation comes I may strongly consider moving out of Miami where there may be a better chance not only for me to find an affordable home but also a good job,” said Luis Somarriba, junior finance major.
Although Hardin agrees that cities such as Tampa, Orlando, and Jacksonville can be more affordable, the room for economic growth isn’t as vast as it is in Miami. He said one of the reasons Miami is expensive, especially in the downtown Brickell area, is because developers focus on building luxury condos, not so much affordable homes.
Their target audience in that area are people who are looking for a second home; whether they are from the North looking for a warmer climate or foreigners looking for a vacation home in the United States, Hardin said. This clientele has acquired the necessary wealth to afford luxury homes.
Students who find homes that are inexpensive still need to find ways to reduce their living expenses.
Even though many students agree that Miami is quite expensive, some find the city to be worth the high rent.
“Miami is my home, I can’t imagine leaving it,” Miami native Frances Morell said. “Yes the rent is expensive but I can manage it, the city is worth it.”
The advice that Hardin has for recent college graduates who are looking to stay in Miami is to avoid staying too close to downtown and consider living with roommates. He said this will lower the cost of living.
“I currently live with a roommate so the expenses are split,” said Morell, who lives in Sweetwater near the Modesto Maidique Campus. “Still the rent is not the cheapest. It is hard to find rent under $1,200 a month.”
Michael Reyes, personal banker from Wells Fargo, says that while Wells Fargo offers a first time buyer program to help first time buyers obtain a home, most college students do not have credit or a stable income to be able to qualify for the program.
For renters, Reyes says, the same problem also occurs. The majority of landlords look at credit reports and histories; they are less likely to rent to a person with no credit or a person who has not had a steady income for over a year.
Forbes Magazine named Coral Gables the 22nd most expensive city in the United States. Hardin said that recent graduates who wish to stay in Miami should take into account that moving away from places such as downtown and Coral Gables will improve their chances of finding affordable rent.
“I will most likely leave Miami after graduation, it will be more convenient for me to go to graduate school in the north as well as more affordable,” said Michael Hernandez, a sophomore international relations major.
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