For Renters, L.A. Minimum-Wage Increase Is "Too Little, Too Late"
The Los Angeles City Council yesterday gave its decision to raise the minimum wage to $15 a final affirmation with a 12-to-1 vote.
The plan would mandate at least 15 bucks an hour for workers in town by 2020. But Zillow Real Estate Research this week concluded that such action "may be too little, too late."
The real estate listings site dragged out some pretty depressing data.
A $15 wage today, in a household with two people taking that cash home full-time, wouldn't be enough to cover rent in more than half of the largest metro areas in the United States, Zillow says.
In Los Angeles, it's even worse. It takes more pay here than in New York to afford an average apartment, the site says: $24.98 an hour versus $23.72. And two earners under one roof would have to take home at least that much, full-time.
Only San Jose ($32.87) and San Francisco ($31.62) require more of its workers.
How much annual income would it take to be able to afford an L.A. rental on Zillow's site? The verdict is $99,920.
Let's put that in context: That kind of cash will put you in the highest one-fifth of income earners in the nation. In other words, you technically have to be rich — and not just rich, mind you, but part of the richest fifth of the richest nation on earth — to afford an average rental in Los Angeles.
Los Angeles Clippers v Minnesota - Verified Resale Tickets
TicketsThu., Jan. 19, 7:30pm
Los Angeles Lakers v Indiana Pacers - Verified Resale Tickets
TicketsFri., Jan. 20, 7:30pm
CSUN Womens Basketball vs. Cal Poly Women's Basketball
TicketsSat., Jan. 21, 4:00pm
CSUN Men?s Basketball vs. Uc Irvine Mens Basketball
TicketsSat., Jan. 21, 7:00pm
Remember that the next time your pals at the bar are debating raising the minimum wage.
Get the ICYMI: Today's Top Stories Newsletter Our daily newsletter delivers quick clicks to keep you in the know
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in Los Angeles, delivered to your inbox Monday through Friday.