This is part of NBC News’ Checkbook Chronicles, a series of profiles featuring the financial realities of ordinary Americans and the challenges they face.
Stephanie Serna, 30s, Miami, Florida
She works in fine dining restaurants in Miami and has built a strong reputation among patrons, she rents a home with her partner and hopes to one day own real estate, she values strong family relationships and staying connected to the community.
Stephanie Serna isn’t without her worries: a slowing local economy, saving for the future and the seemingly endlessly rising cost of living.
But paying housing costs — a major concern for many other Miami-area residents — isn’t what keeps Serna, who works at an upscale steakhouse in Coral Gables, up at night.
Thanks to informal connections with landlords, the home she shares with her partner costs less than market price.
“We’ve been lucky when it comes to rent,” Serna said.
It’s emblematic of an advantage enjoyed by many in Miami’s large Cuban population: The average household size in Miami-Dade County is about 2.8 people, compared with the national average of 2.5. It may seem like a small difference, but it reflects Cuban Americans’ greater tendency to live in multigenerational households, thereby expanding their informal support networks.
Serna said Miami Springs, a small upper-middle-class town just north of Miami International Airport, is a place where everyone more or less knows each other.
Although she had never been formally introduced to the landlord, she recognized him and his wife from working at a local restaurant.
“It’s a small town and when you grow up here like us, his wife and him, you see the same people,” Serna said.
Primary source of income: Serna earned about $55,000 as a waiter last year, not including tips that help supplement his family’s finances.
She said her salary increases every year, thanks in part to her hard work within the facility.
“I can sell, which means working as a server rather than just ‘taking orders,'” Serna says. “Knowing the menu and being able to make wine suggestions helps.”
Unfortunately, her skills have run headlong into economic reality: Miami’s economy is experiencing a noticeable slowdown after a boom during the early stages of the pandemic. Miami-Dade County’s unemployment rate jumped from 1.4% in January to 3.1% in July, a spike previously seen only during recessions.
“Right now, things aren’t looking too good,” Serna said.
Living situation: Serna and her partner, both in their 30s, are paying $2,250 for a two-bedroom, one-bathroom home. The average market rent for a two-bedroom home in Miami Springs is $2,800, according to Zillow. The couple hopes to save up to get married, buy a home and start a family.
But housing costs have pushed Miami’s inflation rate above the national average since the start of COVID-19, with housing costs rising by more than 28% compared to about 22% in the U.S.
Currently, Miami ranks as the sixth most unaffordable housing market in the U.S. and the least affordable on the East Coast.
Some of the changes Serna and her partner have made to their budget to increase savings include switching brands of toilet paper, cutting back on coffee and buying items in bulk, and cooking at home.
“It’s just a little thing, trying to help out with the income coming into the house,” she said.
Economic Outlook: A local real estate broker who specializes in restaurants quipped that Miami is currently experiencing a “restaurant apocalypse” as big-name establishments close.
Serna has seen it firsthand, saying his restaurant “is not profitable right now.” Management has cut shifts and shortened hours, he said. While seasonality is a factor, Serna wondered if there were other factors keeping customers away, such as the upcoming presidential election causing customers to cut back on big-ticket discretionary purchases.
“Right now I’m stressed and I want November to come quickly,” she said. “There’s something about the holidays that makes people spend money.”
Serna and his partner have considered evacuation because of their financial situation, but say it would be a last resort and a painful one.
“I don’t want to go. Both my parents are here. This is our village,” she said. “But I’m worried that in the long run, it will be financially difficult for me to stay here.”
