A Move To Miami Came With A $3K Rent And A $900 Car Payment, All On One $6K Salary. 'Making $100,000 A Year Is Not What It Once Was'

Core Insights - A young family in Miami is facing financial difficulties despite a $6,000 monthly income, primarily due to high relocation costs and living expenses [1][2][3] Financial Situation - The family's relocation to Miami cost approximately $10,000, which was financed through borrowing from various sources [2] - Monthly expenses include a $3,000 rent payment and a $900 car payment for a 2025 Jeep Grand Cherokee, leading to significant financial strain [3][4] - The car's value is around $30,000, leaving the family $20,000 upside down on the vehicle [3] Income and Expenses - Ethan's monthly income of $6,000 is heavily impacted by rent, which consumes about 50% of their take-home pay [4] - The family has no extra funds left after covering essential expenses, highlighting the challenges of maintaining a six-figure income in the current economic climate [4] Recommendations - The hosts of "The Ramsey Show" suggested that the family consider moving to a more affordable living situation, potentially downsizing or breaking their lease early to alleviate financial pressure [5] - Breaking the lease would incur a cost of two months' rent, but it may be a more viable option compared to continuing to pay $3,000 monthly [5]