Although Californians are well aware of the exorbitant expense of housing, a recent research from the National Low Income Housing Coalition reveals just how much of a gap there is between the minimum wage and the average monthly rent for a two-bedroom apartment.
The housing coalition, a non-profit organization recently published its annual report. It included information on the minimum wage that workers in various U.S. cities and states would need to make in order to afford a modest two-bedroom apartment at fair market value.
How much money do people in Southern California need to make to afford an apartment?
To rent a two-bedroom apartment, Californians would need to make an average hourly pay of $39.01 and work full-time.
That figure obviously varies greatly based on what region of the state you reside in.
Workers would require an hourly pay of $44.69 in the majority of Orange County, according to the data. At $39.31, the figure in the Los Angeles area is comparable to the state average.
LA people would need to work two to three full-time jobs to reach that level at the state’s existing minimum wage.
To afford a two-bedroom apartment in San Diego County, tenants would need to work roughly three full-time jobs or make the federal minimum wage of $42.92.
Californian regions that are more affordable
If you’re thinking about moving to Central California, you may expect a substantially cheaper cost of living even though the area may not have as much to offer as a big metropolis.
Renters in Bakersfield may afford a two-bedroom apartment with just $19.48 an hour of income.
The amount is significantly greater in Fresno, at $21.87.
According to the study, the minimum wage in Merced will be $21.54.
A two-bedroom residence in Tulare County will cost around $19.33 an hour to rent.
With a minimum pay of $15.40 per hour, just $0.01 higher than the state’s existing minimum wage, inhabitants of Modoc County can afford a two-bedroom apartment.
The real cost of apartments in Los Angeles
Apartments in Los Angeles may be found online at prices that will make your head spin, but they typically start at roughly $2,000 per month.
You’re looking at an even greater expense if you throw in a washer and dryer or a dog.
A two-bedroom apartment is estimated to cost even more, at $3,250 per month, by the housing website Zumper.
The expense of housing is not something to take lightly wherever you are renting in Los Angeles or California.