The median per capita income in Los Angeles is $27,900. The average rent for a two-bedroom apartment—and, frankly, this sounds low to us—is said to be about $1,400.
You can do the math. It's very difficult to keep a roof over your head in this town.
Yet another analysis has confirmed this. The folks at Rent.com looked at median rent and median income in America's largest cities and concluded that L.A. is one of the five worst places in the nation for renters.
Actually, the site is getting into the holiday spirit. It says L.A. is part of its list of “Top 10 Naughty Cities” for renting a place.
Yeah, Los Angeles landlords have not been nice.
Rent.com says we're one of the places “where leasing is like getting a lump of coal in your stocking.”
We're surprised that L.A. didn't rank higher, frankly. Other examinations of our market have put us at the top or near the top when it comes to our crap housing affordability.
While Los Angeles rents usually don't reach heights seen in New York and San Francisco, our comparatively low income levels mean that it's just as hard or harder to live here.
One study found that it would take $55,920 just to afford the average two-bedroom apartment in L.A. As we noted above, the city's per capita income is less than half of that. Can you say roommate?
Nonetheless, in this particular ranking, L.A. was beat by San Francisco (1), Ventura County (2), New York (3), and San Jose (4).
Here's the full list.
1. San Francisco, CA
2. Ventura, CA
3. New York, NY
4. San Jose, CA
5. Los Angeles, CA
6. Denver, CO
7. Honolulu, HI
8. Boston, MA
9. Seattle, WA
10. Portland, OR
As you can see, California locations took
three four of the top 5 spots. There's no escaping the housing crisis. It begs for the creation of new units, if you ask us.