A majority of Miami residents live paycheck to paycheck. Here are 5 takeaways

Miami’s rising cost of living is pushing many working residents to the brink of homelessness, despite full-time employment. This article highlights the struggles faced by Miami-Dade’s asset-limited, income-constrained, employed (ALICE) population.

FULL STORY: More than half of Miamians can barely make ends meet, new report finds

Here are the highlights:

• Many full-time workers in Miami find themselves in a state of financial precarity due to the high cost of living. This group, known as ALICE — asset-limited, income-constrained, employed — makes up over half of Miami-Dade households.
• According to the United Way, 54% of Miami-Dade households live paycheck to paycheck, a situation exacerbated by an influx of higher-earning residents that has driven up housing costs. Despite having full-time employment, many struggle to save enough for housing due to stagnant wages and rising expenses.
• Financial instability is a common issue among Miami residents, even for those pursuing job training programs to improve their situation. Many earn wages that are insufficient to cover basic living expenses, with a significant portion of income going toward housing.
• Miami-Dade is experiencing a shortage of over 90,000 affordable housing units for workers earning less than 80% of the area median income. Current policies are criticized for not adequately addressing the needs of lower-income residents.
• Advocates say governments can enhance housing affordability by expanding housing vouchers and enacting stronger tenant protections. Long-term solutions may involve investments in affordable housing and community land trusts to provide sustainable options for low-income families.

The summary points above were compiled with the help of AI tools and edited by journalists in the Miami Herald newsroom. The full story in the link at top was reported, written and edited entirely by Miami Herald journalists.