Four Young Professional's Stories on Affordable Housing

In September 2024, the Greater Sarasota Chamber of Commerce (Sarasota Chamber) conducted a survey of 321 Young Professional Group members regarding affordable housing, representing a cross-section of industries and incomes.  The results were eye opening.

96 percent of young professionals feel that the cost of housing is negatively impacting the local economy. 62 percent are considering leaving Sarasota due to the cost of housing. 57 percent of those who pay rent or a mortgage are housing cost burdened, meaning that more than 30% of their gross income goes towards housing.

One of Gulf Coast Community Foundation’s top priorities is finding affordable housing solutions for our region. We sat down with four young professionals who are experiencing the overwhelming effects of affordable housing to hear their stories. Join us for a journey of Affordable Housing Through the Eyes of...

Affordable Housing Through the Eyes of a Young Professional in Human Resources - 
Jennifer Contreras is 25 years old, rents an apartment in Sarasota, and grew up here. She is the Front Office Coordinator/Payroll Manager at Express Employment Professionals. She found her job through the Sarasota Chamber’s Opportunities for All program.

“I feel that the cost of housing is negatively impacting the local economy. It would be amazing to live here long term, but obviously that’s not an option for me currently. It’s impossible to save for the future when you’re living paycheck to paycheck because of housing costs. Every day, I’m conscious about budgeting. I have to prep meals every week and plan my budget weekly. It’s not a preference for me – it’s a necessity. My lease is up in March and rent will probably go up again. This is an everyday stressor for me. I’m looking online to try to find other places to live.”

Affordable Housing Through the Eyes of a Young Professional in Banking -
Valerie Keller is 37 years old, rents an apartment with her husband, and is planning to build a family. She is a Senior Relationship Banker at Regions Bank.

“I am blessed to have a partner,” Valerie shares. “We pay an exorbitant amount for a one-bedroom apartment. The housing market in Sarasota is so astronomical that if you don’t have a partner or roommate or a six-figure income singularly, you really can’t afford to live here. In thinking about the landscape culturally too, we want many different types of talents, disciplines, and age groups to enrich our community. But when the housing market is a barrier to entry it excludes a large portion of people from all types of backgrounds, and I think that is unfortunate.”

“Housing costs affect me daily-everything from food to gas type choices. It’s the small things, but those things add up. I am someone who places a lot of importance on health and nutrition and this has impacted my ability to make certain choices at the grocery store because of budgeting concerns.”

Affordable Housing Through the Eyes of a Young Professional in Arts Education -
Terrance Jackson is 33 years old living in staff-provided housing through his employer. He grew up in Sarasota and moved back in October 2024 to become the Director of Education & Engagement at Asolo Repertory Theatre. His wife, a physician, plans to move here in February 2025. They just signed a lease for an apartment.

“Housing costs in our community affect me by having to decide on living in an apartment or buying a house. My wife and I are advocates of buying, but at least for the first year, as we transition here, it makes more sense for us to rent. I learned that things are really expensive, even renting an apartment here. In Augusta, Georgia, we had a three-bedroom, two-bath house and our mortgage was under $1,000. My wife bought the house in 2020 during the pandemic. The interest rate was under 3%. Here, I’m paying $2,200 - $2,500 in apartment rent.”

Terrance highlighted the importance of affordable housing for artists, as the arts are a significant economic driver in Sarasota County. “Being able to find a one-bedroom apartment affordably, especially if you’re in the arts, is important. Artists don’t make a lot of money, we are not in it for that, and I feel like we have such amazing arts schools and a thriving arts community. I’m nervous that artists, including young professionals, will be priced out eventually.”

Affordable Housing Through the Eyes of a Young Professional at a Non-Profit -
Elizabeth Topp is 27 years old, rents her apartment, and grew up in Sarasota County. She owns Purify, The Sweat and Chill Lounge, a holistic wellness spa, and serves as the Capital Campaign Manager and Grant Writer for the Child Protection Center.

“Housing costs affect me,” Elizabeth shares. “If I was someone my age with one standard income, specifically in the nonprofit industry, I could probably not afford to live here. I must maintain multiple streams of income so I can live downtown. I moved in 2020, and my rent was $2,000 a month. By the time I left that rent had risen to $3,450 for a two-bedroom, two-bathroom. I had to relocate because that was not feasible. I could have afforded it but then I would not have been able to do anything else and that’s part of the dilemma.”

Jennifer summarized the importance of affordable housing from a powerful cultural perspective. “My parents are immigrants from Colombia. We grew up knowing that if you go to college and work hard, you will be able to buy a home. I did just that. During COVID, I graduated college on the honors list. I’m working hard now and still living paycheck to paycheck. This has crushed the illusion of the American Dream for me.”

Rising housing costs have a significant impact on every generation in the community, but our vibrant young professionals who bring passion, energy, and dedication to their jobs and neighborhoods are feeling the affordable housing squeeze most acutely. We want young professionals to stay in our community because retaining their talent, fresh perspectives, and innovative ideas is vital to shaping a successful future for us all.