Los Angeles Branded a Tough Market for Renters - GOOD FOR BUYERS!
By Donne Knudsen, CalState Realty Services
(Los Angeles & Ventura Counties in CA)
Businessweek came out a list of the 25 Toughest Cities for Renters. By that, they mean the top 25 cities that have the lowest affordability for renters. These are cities where average rents are rising, real income is stagnating or, in some cases, falling and where the supply of affordable housing has declined thus forcing rental households to pay a greater share of income than ever before. Right now, about 26% of rental households are severely burdened with rent payments. That means that more than a quarter of rental households are paying more than half their income on rent. Furthermore, more than half of all renters were at least moderately burdened, which means that they are paying more than 30% of their income on rent. Los Angeles is currently ranked as the 15th toughest market...
Comments
9