The Miami Herald reports on one mans search for the American dream. "In the past five years, the housing crunch in South Florida has moved up the economic ladder from the low-income to the middle-class, pricing a whole new layer of workers, thousands of Quintin Taylors, out of the market. A family in the Miami area earning the midpoint income must now spend 44 percent of its dollars on mortgage payments."

"The reality, though, is that Taylor might be priced out of the dream. He earned $75,000 last year. In December, he was preapproved for a $185,000 loan. With 10 percent down, he figures that monthly mortgage payments would be close to his $1,650 monthly rent."

"After weeks of driving around and phoning his real estate agents, Scott Lewis and Rosie Hernandez, Taylor is in love. 'I picture myself living (there),' Taylor says. He wanders around the backyard. It needs cosmetic work, but there's a built-in pool and a concrete patio. Taylor closes his eyes for a moment. He can hear the music and smell the burgers and hot dogs grilling up. 'I want this house,' he says."

"The renovated house in Nichols Heights is listed for $265,000, way out of Taylor's price range. But Taylor thinks he could negotiate. In 2002, the house sold for $91,500. Seven months later, it sold for $134,000. Current owner Domenick Vitale paid $160,000 for it last September. Two months later, in November, he listed it for $299,000. In December, the price dropped to $282,900. In late January, it was $265,000."

"Still too high, say Lewis and Hernandez. For one thing, the house is listed as a four-bedroom, but two have no closets. 'This is really a two-bedroom with a den and a family room,' Hernandez says. She says comparable recent sales in the neighborhood are in the $220,000 range. One estimate by an appraiser placed the value of the house closer to $220,000."

"Taylor isn't deterred. A second estimate comes in at $240,000. Taylor gets preapproval for a new mortgage with only 5 percent down and decides to make a verbal offer of $240,000. His monthly payments, with taxes and insurance included, would be $2,300, $650 more than he wanted to spend. 'I'll just have to cut back on things like shopping, eating out and going out to clubs every night,' he says. 'The house is the goal.'"

"Several phone conversations later with Lewis, Vitale isn't budging. 'What's going through my head is what might be going through the head of anyone involved in a deal,' Vitale tells The Miami Herald. 'Everyone's trying to make the most money they can make off an investment.'"

"But then Taylor hears from a neighbor that not many people have stopped by to see the house. He decides to pass on making a written offer after all and look at other houses."

"'For people who can't afford to buy, rental properties might be the answer,' says (economist) Celia Chen. 'There's probably going to be a glut of condos to rent soon. A lot of what's been built has been bought by investors who are going to have to rent them out.'"