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Study Shows Miami's Ideal Income Gap Is Largest In U.S.

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MIAMI (CBSMiami) -- Living in Miami is expensive.

While it may not cost as much as a New York or Los Angeles, for example, a recent study found that the magic city can be even tougher to stay afloat in because the income residents are earning isn't reflecting the cost of living.

GOBankingRates.com conducted a cost-of-living comparison around the U.S. and found that the ideal amount of money an individual needed to live comfortably in Miami was $77,057.

However, the actual median income for residents was only $30,858 -- or $46,199 short -- which was the largest gap between actual and ideal incomes for the 75 most populated cities looked at in the study.

The site uses a 50-30-20 budgeting rule when factoring these numbers -- where 50 percent of income covers necessities, 30 percent goes to discretionary items and 20 percent is saved.

They surveyed dollar amounts for living expenses like rent, groceries, utilities, transportation and healthcare to find that magic number a Miami resident would need to earn in order to follow the 50-30-20 budget.

Using this method, you can determine whether your own income is sufficient enough to cover your expenses -- or whether or not you should consider moving.

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