Article indicates L.A. Apartment Renters struggle the most in America!
UCLA researchers found the gap between Los Angeles income and rents is the greatest in the country! The latest confirmation was from a report published from the rental site Apartment list. The is a shocking revelation when you appraising properties in No Cal at nose bleed rent levels (3.5K/4K for a one bedroom). In addition, NYC is infamous for its tens of million dollar condos. However, the incomes from wall street to tech street must jive better with their prospective rental rates.
The site looked at U.S. Census data between 1960 and 2014 to discover how rents and incomes have developed in major American cities over the years. L.A.’s median rent has gone from $836 in 1980 to $1,294 in 2014, the analysis found. During that time, “Renters in Los Angeles struggled the most, as rents jumped 55 percent, even as incomes only increased 13 percent.
More than half of LA renters meet the definition of “cost-burdened,” meaning they spend more than 30 percent of their income on rent, Apartment List found. “In Miami, Los Angeles and Orlando, for example, more than 55 percent of renters were cost-burdened in 2014,” the report states.
“Overall, rents have risen faster than incomes in nearly every city across the U.S.” since 1960, an Apartment List spokesman said. “The only urban areas where incomes kept pace with rents were Austin, [Texas], Las Vegas, and Phoenix.” However, I think they might not have the facts straight regarding Austin as I have appraised the area and have familiarized myself with the boom town.
Affordable housing anyone?