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Ayanna Ruiz lives confined in the four walls of her 700 sq. ft. efficiency in West End. She was forced to downsize to a smaller space after one of her roommates moved out from their apartment in Doral. Her goal is to move to Orlando where she believes money will stretch further due to lower rent prices.
“I had considered moving to Tennessee at the beginning of the year when I was looking for a new home,” said Ruiz. “For the place that I have right now I would be paying way less than what I am here.”
Ruiz is trying to balance her graduate career and full-time job without falling behind academically and financially. She is studying to get her master’s degree in marketing at Florida International University while working as a social media coordinator at the University of Miami. She earns $22 an hour, but she says it’s not enough when you consider bills, groceries and gas.
“There’s no breathing room,” said Ruiz. “It’s like I’m working just to stay still.”
According to a report from Zumper, Miami is one of the most expensive rental markets in the country. It ranks sixth in the nation, just behind New York, San Francisco, Jersey City, Boston and San Jose. The median rent price for a one-bedroom in Miami is $2,550.
“People from New York or California are moving to Miami because the prices are much cheaper compared to those states,” Mark Hamrick, an economic analyst, said.
Many other residents also face the prospect of displacement. Fabiola Balza, a real estate worker, used to find comfort in Miami’s diverse and vibrant communities, but is considering finding an affordable home for her family.
“When I compare the prices of the rent they are almost the same, so I’m not sure if it’s really worth moving because the expenses of moving out are also high,” said Balza.
Balza is a working mom and an immigrant from Venezuela who lives in Weston and commutes to Pompano Beach for her job. The rent for her 3-bedroom and 2-bathroom home has been increasing every year by 20%.
Balza manages her family’s finances and makes sure to budget all expenses for the month, which often means significant sacrifices for her family. She has made big changes like cutting out dining out and eliminating nearly all entertainment expenses. On a smaller scale, she now only goes to the car wash every other month and has started to shop at more affordable groceries stores like Aldi or Walmart.
“Now I have to think about where it is more inexpensive for certain products when before I would just go to one place when it comes to grocery shopping,” said Balza.
Experts say out-of-state buyers entering the market after the pandemic was a key factor that made rent prices skyrocket. Hamrick says many people working remotely were looking for a city where they could enjoy great weather all year long. This made Florida a more attractive place to live in comparison to other states, making the housing competition tough for locals.
“South Florida, in many ways is as literally and figuratively, in the eye of the inflation hurricane,” said Hamrick.
Noland Creary, a theatre major at FIU and full-time employee at AMC Theaters and E-Works, finds the housing crisis taking a toll on his mental health. Creary is often choosing between paying rent, buying groceries and covering his transit expenses. He spends a lot of time with friends to help him get his mind off his financial reality.
“There are nights I can’t sleep because I’m thinking about how I’ll afford the next week,” said Creary. “Being around people helps distract me from everything I’m dealing with. When you have to watch how to spend every penny, it’s harder and harder to really hang out with friends.”
Experts suggest that South Florida’s housing crisis could have a wider impact that extends beyond Florida, influencing financial stability for many Americans. As residents grapple with rising costs, many are finding ways to survive financially. For many, what was once a comfortable way of life now requires some tough sacrifices.
