Economist: “Housing affordability crisis could stick around for another two years”

MIAMI – Inflation is at an all-time excessive, rents are hovering and on a regular basis residing is something however simple. 

An economist on the University of Miami CBS4 spoke to on Wednesday mentioned the tough actuality is that this affordability crisis could stick around for another two years.

From nurses, to varsity college students and households, folks throughout South Florida are struggling.

“I make a decent living as a nurse but I still have to live with my mom,” mentioned Stephanie Bolanos, who’s a nurse in Miami-Dade County.

“Just that one job isn’t really enough. It’s not really cutting it,” mentioned Samantha Melero, a university scholar.

“It’s hard and I only have one child so I can’t imagine how it is for families who are on one income and have multiple kids,” mentioned Mercedes Reyes, a nurse and mother.

For Bolanos, 32, it is extraordinarily irritating. She says she will’t afford to stay on her personal.

“Rent is insane and then food and anything else that comes with living on your own is just too much. Technically with my salary, I should be able to afford a small apartment but I can’t,” she says.

She’s not alone.  Alex Horenstein, an Economist at UM says the median family in Miami-Dade brings in $62,000 a year. We requested him what the common individual in Miami-Dade needs to be making to stay fairly in immediately’s world and the calculation is eye-opening.

“$2,000 dollars is the standard rent and rent is 1/3 of your expenses – you need to be making $75,000, which means your gross salary has to be $90,000,” says Horenstein.

Samantha Melero needs to tackle a second job whereas being a full-time scholar to ensure she will afford to place fuel in her automobile.

“Trying to work two jobs at least just to afford things I need,” says Melero.

Horenstein says the 4 issues folks spend probably the most money on are housing, meals, transportation and well being care. Basic requirements.

“Everything nowadays. It’s pretty tough out there,” mentioned Melero.

A sociologist we spoke with says some households are being compelled to make extremely tough decisions like paying for groceries or medical insurance.

“These are things that we need. It’s not even a want anymore. Things like toilet paper, everything is just expensive,” says Mercedes Reyes, a nurse in Miami-Dade County.

There is gentle on the finish of the tunnel however it’s faint.

“For inflation to go back to previous levels, my estimates are at probably two more years,” says Horenstein.

The housing crisis is leaving many determined for assist. That’s why CBS News Miami needs to share your tales to point out the crisis you are in or the way you navigated the system. We will spotlight these points and work to get solutions and options. Send us an electronic mail at [email protected]   

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