Abhay Singh
Despite the challenges that Stefany Serna faces, such as a sluggish local economy, the need to save for the future, and the seemingly ever-rising cost of living, one of the most prevalent worries in Miami — housing expenses — does not plague her thoughts at night despite her job at a high-end steakhouse in Coral Gables.
The reason for her peace of mind is attributed to her fortunate connection with the landlord, allowing her to enjoy the comfort of her home with her partner at rates lower than the current market value.
“We lucked out with the rent,”
Serna said “We lucked out with the rent,”
Miami’s Cuban population enjoys a significant advantage in household size, with Miami-Dade County having an average household size of 2.8, compared to the national rate of 2.5. This is due to the tendency among Cuban Americans to live in multigenerational households, providing larger informal support networks.
Serna said, Miami Springs, a small upper-middle-class city, is a place where everyone knows each other.
Despite never having had a formal introduction, she was familiar with the landlord and his spouse from their time spent working at nearby restaurants.
Serna said “The town is small, and when you grow up here like we did as well as his wife and him, you see the same people,”
Serna earned $55,000
Serna earned $55,000 from waiting tables last year, which does not include tips, which help cushion their household’s spending. Her salary has increased annually, partly due to building sweat equity at the establishment.
Serna said “It’s me being able to sell — being a server versus just an ‘order taker,’ It helps if you get into knowing the menu and are able to offer suggestions, knowing wine.”
Miami’s economy is experiencing a slowdown due to a boom during the pandemic, with unemployment rates rising from 1.4% in January to 3.1% in July, a trend that has only occurred during recessions.
Serna added “Right now, it’s not looking so hot,”
Serna and her partner, in their 30s, pay $2,250 for a two-bedroom, one-bath home in Miami Springs. They aim to save up for marriage, buying a house, and starting a family.
However, housing costs have soared due to Covid-19, with costs climbing over 28% compared to the national rate. Miami is now the sixth-least-affordable market in the U.S. and the least affordable on the East Coast.
In order to save more money, Serna and her boyfriend have changed their toilet paper brand, cut back on coffee use and boost their bulk purchases, and cook more at home.
“It’s just different little things, just trying to help with whatever income we have coming into the house,” she said.
“I’m feeling the strain right now and desperate to get to November,”
Miami is experiencing “restaurant Armageddon” due to high-profile closures, according to a local real estate broker.
Serna’s restaurant is not making any money and management is reducing shifts and operating schedules. Serna is concerned about seasonal factors and whether the upcoming presidential election is causing patrons to stay away, potentially reducing discretionary higher-end spending.
She said “I’m feeling the strain right now and desperate to get to November, There’s something about the holidays that makes people spend money.”
Because of the financial circumstances, Serna and her partner said they have thought of moving, although this would be a painful last choice.
She stated “I don’t want to — both of our parents are here. This is our village, But I’m afraid I won’t be able to stay here because I can’t afford it in the long run.”
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