You are here

OC Register: You need two jobs to afford Orange County rents

October 17, 2017

Here are some interesting facts about the Southern California rental market:

$72,520

You need an annual income of roughly $72,520 to afford the typical fair market rent ($1,813 a month) for an Orange County two-bedroom apartment. A Los Angeles County household needs to earn $61,800 a year to afford the typical two-bedroom unit, while in the Inland Empire, the annual income needed is $47,800 a year.

1.8 jobs

You pretty much need two full-time jobs at the average renter wage to afford the typical two-bedroom apartment. In Los Angeles County and in the Inland Empire, 1.7 full-time jobs at the average renter wage are needed.

53.7 percent

An Orange County tenant earning the median renter wage and paying the median rent spends nearly 54 percent of his or her income on housing. The median-earning renter in Los Angeles County pays 53.6 percent of his or her income on rent. In the Inland Empire, the median-earner pays 51.6 percent of his or her income on rent.

$200

The amount new California residents from other states paid in rent over the amount long-term California residents pay for homes they’ve lived in for awhile.  Renters who moved from elsewhere in California paid about $124 more a month than long-term “stayers.” Rent hikes are smaller for tenants who stay put than for new tenants.

The California Gold Rush

The last time a majority of California residents were born in the state. Native Californians now make up a majority of Golden State residents for the first time since the mid-1800’s.

Sources: The National Low Income Housing Coalition and the USC Casden Multifamily Forecast.

A link to the original article can be found here.