Los Angeles renters need $117K a year to live comfortably, study says

By Yosi Yahoudai
Founder and Managing Partner

Rent prices around the nation continued to climb in April, but costs are especially burdensome for Angelenos, who need to make in excess of $100,000 a year to comfortably live and pay their landlords, according to a report released Thursday.

The price for a “typical rental” in Los Angeles just reached $2,920 per month, meaning tenants will need to make almost $117,000, Zillow’s Rental Market Report states.

The report describes living comfortably as spending no more than 30% of one’s income on rent.

Rent in Los Angeles has grown 2.4% in just the past year, according to Zillow, which added that prices for single-family rentals are growing much faster (4.3%) than multifamily units (1.6%).

In addition, U.S. rents have grown 1.5 times faster than wages since 2019, according to a Zillow and StreetEasy analysis also released this week.

According to the study, New York City had the largest gap in the country, as rent there grew more than seven times faster than wages last year.

About the Author

Yosi Yahoudai is a founder and the managing partner of J&Y. His practice is comprised primarily of cases involving automobile and motorcycle accidents, but he also represents people in premises liability lawsuits, including suits alleging dangerous conditions of public property, third-party criminal conduct, and intentional torts. He also has expertise in cases involving product defects, dog bites, elder abuse, and sexual assault. He earned his Bachelor of Arts from the University of California and is admitted to practice in all California State Courts, and the United States District Court for the Southern District of California. If you have any questions about this article, you can contact Yosi by clicking here.

(source)