Economist: "Housing affordability crisis could stick around for another two years"
MIAMI - Inflation is at an all-time high, rents are soaring and everyday living is anything but easy.
An economist at the University of Miami CBS4 spoke to on Wednesday said the harsh reality is this affordability crisis could stick around for another two years.
From nurses, to college students and families, people across South Florida are struggling.
"I make a decent living as a nurse but I still have to live with my mom," said Stephanie Bolanos, who's a nurse in Miami-Dade County.
"Just that one job isn't really enough. It's not really cutting it," said Samantha Melero, a college student.
"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," said Mercedes Reyes, a nurse and mom.
For Bolanos, 32, it's extremely frustrating. She says she can't afford to live on her own.
"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 household in Miami-Dade brings in $62,000 a year. We asked him what the average person in Miami-Dade should be making to live reasonably in today'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 wants to take on a second job while being a full-time student to make sure she can afford to put gas in her car.
"Trying to work two jobs at least just to afford things I need," says Melero.
Horenstein says the four things people spend the most money on are housing, food, transportation and health care. Basic necessities.
"Everything nowadays. It's pretty tough out there," said Melero.
A sociologist we spoke with says some families are being forced to make incredibly difficult choices like paying for groceries or health 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 light at the end of the tunnel but 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 desperate for help. That's why CBS News Miami wants to share your stories to show the crisis you're in or how you navigated the system. We will highlight these issues and work to get answers and solutions. Send us an email at housing@cbs.com.
