The Miami skyline reflects urban luxury developments amid rising costs and income inequality. Over half of Miami-Dade's residents live paycheck to paycheck, often feeling trapped financially. Many locals find it difficult to save or invest as their paychecks do not keep pace with living expenses, particularly housing costs. Heather Cameron, an expert in social entrepreneurship, has secured funding to research how to enhance economic mobility in American cities. Economic mobility, an essential element of the American Dream, is increasingly challenging for younger generations compared to previous decades.
Economic mobility is essentially the changing of one’s economic status over time, being a crucial aspect of the American Dream where children aspire to surpass their parents' achievements.
In Miami, a significant problem is that many residents are struggling financially post-pandemic, with rising housing costs and stagnant wages leading to increased inequality.
The local economy showcases a critical scenario wherein economic advancement appears out of reach due to the rising living costs, primarily in housing.
Just like in Miami, across the nation, many individuals are merely surviving and feeling a lack of financial security due to economic conditions and emergencies.
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