California ranks second most expensive state for renters

March 25, 2014

housingCalifornia 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.

 


3 Comments

  1. Jorge Estrada says:

    Consider the fact that humans survive better where the oceans regulate the optimum temperature and the rest is just supply and demand. The energy cost, in some cases, added to the rent is a wash which brings out another point, are we who live in favorable climate subsidizing the energy costs where artificial climate is in demand?

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  2. mkaney says:

    Greaaaat. Raise the minimum wage so that people can rent more affordably. The large corporations can absorb this extra cost but many small to medium businesses would be destroyed. So that decreases the number of people for whom buying a home is affordable, and moves more people out of the middle class and into the working class. It would kills opportunities for people to move out of the working class. Finally, as the economy finds an equilibrium with the new higher wages, it drives up inflation leaving everybody who couldn’t rent an affordable place right back where they were, and adds a ton of new people to their roll.

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  3. isoslo says:

    We can thank all of the democrats who keep adding more and more regulations (which cost businesses money) with which to control everything. A great example of these regulations is the APCD. Thanks for doing it all in the name of helping us!

    Like or Dislike: Thumb up 24 Thumb down 6

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