A Miami steakhouse server’s secret to making ends meet in one of America’s least affordable markets

This is part of NBC News’ Checkbook Chronicles, a series of profiles looking at the financial realities of everyday Americans and the challenges they face.

Stefany Serna is not without worries: a slowing local economy, saving up for the future, and a cost of living that seems to be endlessly increasing.

But a major concern for many other Miami-area residents — paying for housing — does not keep Serna, who works at a high-end steakhouse in Coral Gables, up at night.

Thanks to an informal connection to her landlord, the costs for the home she shares with her partner are below market prices.

“We lucked out with the rent,” Serna said.

It’s emblematic of an advantage many in Miami’s large Cuban population enjoy. Miami-Dade County’s average household size is about 2.8, compared with the national rate of 2.5. While that may seem like a small difference, it reflects a greater tendency among Cuban Americans to live in multigenerational households, thereby providing larger informal support networks.

Serna said Miami Springs, a small upper-middle-class city just north of Miami International Airport, is a place where everyone more or less knows each other.

Although she’d never been formally introduced to the landlord, she recognized him and his wife from having worked in local restaurants.

“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 said.

Primary source of income: Serna made about $55,000 in salary from waiting tables last year, but that figure does not include tips, which help cushion their household’s spending.

She said her salary has gone up every year, in part through building sweat equity at the establishment.

“It’s me being able to sell — being a server versus just an ‘order taker,’” Serna said. “It helps if you get into knowing the menu and are able to offer suggestions, knowing wine.”

Unfortunately, her skills have run headlong into economic realities: Miami’s economy is experiencing a noticeable slowdown following a boom during the initial phase of the pandemic. Miami-Dade’s unemployment rate has surged from 1.4% in January to 3.1% in July — an acceleration that has only previously occurred during recessions.

“Right now, it’s not looking so hot,” Serna said.

Living situation: Serna and her partner, both in their 30s, pay $2,250 for their two-bed, one-bath home. According to Zillow, the average market rent for such a two-bedroom in Miami Springs is $2,800. The couple is hoping to save up to get married, buy a house and start a family.

But, driven by housing costs, inflation in Miami since the onset of Covid-19 has soared above the national rate, with costs climbing more than 28% compared with about 22% for the U.S.

Today, Miami is ranked as the sixth-least-affordable market in the U.S., and the least affordable on the East Coast.

Among the changes Serna and her partner have made to their budget to increase savings: switching toilet-paper brands; easing off of coffee and buying more goods in bulk; and cooking at home more.

“It’s just different little things, just trying to help with whatever income we have coming into the house,” she said.

Economic outlook: A local real estate broker specializing in food and beverage spaces has quipped that Miami is currently experiencing “restaurant Armageddon” amid a wave of high-profile closures.

Serna has seen it firsthand, saying her restaurant “is not making any money right now.” Management, she said, is pulling back on shifts and reducing its operating schedule. While some of that is seasonal, Serna has wondered what other factors might be driving patrons to stay away, including whether the upcoming presidential election is causing them to pull back on more discretionary higher-end spending.

“I’m feeling the strain right now and desperate to get to November,” she said. “There’s something about the holidays that makes people spend money.”

Serna and her partner say they have contemplated moving due to the economic situation, but that this would be a last, and painful, resort.

“I don’t want to — both of our parents are here. This is our village,” she said. “But I’m afraid I won’t be able to stay here because I can’t afford it in the long run.”