Business

Who knew we had all this money left over in Miami after paying our bills and rent?

Friends Devin Healy, Alex D. Needleman and Aaron S. Feuer, in the living room of the apartment they share at the Club at Brickell Bay in Miami. As the cost of apartment rentals continues to go up and demand exceeds supply, Miami residents are figuring out different ways to be able to live in hot neighborhoods without exceeding their income.
Friends Devin Healy, Alex D. Needleman and Aaron S. Feuer, in the living room of the apartment they share at the Club at Brickell Bay in Miami. As the cost of apartment rentals continues to go up and demand exceeds supply, Miami residents are figuring out different ways to be able to live in hot neighborhoods without exceeding their income. pportal@miamiherald.com

A San Francisco technology company has some good news for Florida and Miami.

Florida is No. 1 for discretionary income in the South Atlantic region, topping No. 2 North Carolina and No. 3 Georgia.

Among large cities in the region, Miami ranks No. 4 behind Orlando, Jacksonville and Charlotte — making Miami the third top city where income remains after deduction of taxes, other mandatory charges, and expenditure on necessary items, according to Trove Technologies.

Discretionary income means there’s money left over after paying bills for fun things like, oh, travel, dining out, concert tickets, a night at the theater, cars or that new Taylor Swift album.

As you struggle to pay rent for that Brickell unit you can’t possibly afford on your income, Trove Technologies thinks you’ve got a stash of cash somewhere.

Balderdash?

Not according to Trove’s research, which, they say, tapped on analysis from the Bureau of Labor Statistics, The Tax Foundation and the Council for Community and Economic Research.

Miami, they say, ranks No. 1 for management and protective service occupations and second in arts, design, entertainment, sports and media occupations.

Still, more than half of Miami-Dade residents are paying a larger percentage of their income on rent that chips away at discretionary spending. And it’s not getting cheaper. According to the Zumper National Rent Report for July, Miami continues to rank as the ninth most expensive city in the U.S. to rent a one-bedroom apartment (median rent: $1,800).

Trove Technologies has a theory as to why we still have it pretty good.

“Our research finds that although housing expenses come in at almost 13 percent higher than the regional average and gross salaries are slightly lower than the regional average, workers in Miami like other Florida cities, have higher take-home pay than their peers in other states due to paying no state income tax,” said Michael Pao, Trove’s co-founder.

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