Booming economy? For South Florida residents, barely getting by is increasingly the norm

[malaise]

https://www.miamiherald.com/news/business/article225598050.html
<snip>
Miami-Dade’s unemployment rate sits at about 3.6 percent — the lowest in a decade. An all-time high of more than 1.2 million county residents have jobs.

But for an increasing number of South Florida families, survival in the past decade has become more difficult. About 40 percent of Miami-Dade families now earn less than it costs to live here — on top of nearly 20 percent of families living below the poverty line. In Broward, 37 percent of households are working but earning too little to pay their bills, while another 13 percent live in poverty.

Those findings comes from the United Way’s latest ALICE report, a study examining household finances by state and county released Wednesday.

ALICE stands for asset-limited, income-constrained, employed. These are households where an individual has a job, earns more than the federal poverty level, but is still earning less than the basic cost of living for their county — the ALICE Threshold. All data are sourced from the U.S. government.

The newly released report is based on data current as of 2016, meaning there’s likely some margin of error.

[SWBTATTReg]

1. Sad but I can believe this. The real estate in southern FL especially over the last 40 years has...

gone nuts.

[MaryMagdaline]

2. South Florida has become unaffordable. Starting with housing

The ultra-rich have bought up so much property there is no cheap housing.

[at140]

6. Ditto in city of Chicago..

What used to be lower middle class neighborhoods have morphed into luxury condo's and homes, prices start at $700k.

[at140]

3. Probably the same situation in 90% counties

In the country. Middle class is losing ground with millions of manufacturing jobs shipped abroad by greedy corporations to increase profits. But CEO's and stockholders with beefy portfolios are doing just fine

[Awsi Dooger]

4. In Miami I see evidence every week at Aldi, including today

Lower income families use the produce section to feed themselves right there in the store. No intention of buying anything. They open the bags of grapes and gobble down handfuls. One bag after another. Likewise the strawberries and blueberries, albeit to lesser extent than the grapes, which are easily the top choice. Consequently the entire produce area becomes a mess.

I like Aldi but that problem is so persistent especially in the area where I live, specifically the Aldi on Coral Way and also on 8th Street in the southwest section. It is not nearly as bad when I visit Aldi in other areas of the city. Then I am always amazed when I stop at Aldi in let's say Melbourne or the Orlando area. The bags of grapes are actually intact and unopened. The produce section is clean. It feels like a different world.

[TheRealNorth]

5. It would be an interesting exercise

To look at what percent single-family homes are being rented out. I haven't seen anyone look at the issue, but I have a sneaky suspicion that there are companies buying up real estate for rental profit and to keep the rents high by making it more difficult for renters to exit the rental market and buy a home.

[at140]

7. Exact situation with daughter in silicon valley

She has a good job but cheapest home in her town of mountain view is couple of million. Her 1 BR aptmt rent is $2500/no.