California ranks second most expensive state for renters
March 25, 2014
California is the second least affordable state in the country for renters, only trailing Hawaii, according to a report released Monday. [LA Times]
The National Low Income Housing Coalition analyzed rental rates across the U.S. and defined affordability as spending 30 percent or less of gross income on rent and utilities. Californians must earn $26.04 an hour, or $54,000 annually, to afford a two-bedroom apartment, according to the study.
San Francisco and the Bay Area had the most expensive rental market in the state. Workers there must earn $37.62 an hour to afford a two-bedroom apartment at a fair market rate.
Nationally, workers must earn $18.92 an hour to afford a two-bedroom apartment. In Hawaii, workers must earn $31.54 to do so.
The Low Income Housing Coalition is calling for a raise in the federal minimum wage.