Renter's Market? LA Ranks as Pricier Than NYC
Think it's more expensive to rent a place to live in New York than here in Los Angeles? Think again--at least according to national rankings released this week by the Center for Housing Policy.
Looking at renters from a set of occupational categories, the study matches paycheck with the average cost to rent a two-bedroom apartment in major metropolitan markets. When it comes to affordability, the study reveals nationally:
that in the vast majority of metropolitan markets, fair market rents have held steady or increased - occasionally surpassing monthly mortgage payments for a median-priced home. Specifically, retail salespeople continue to be priced out of renting a two-bedroom apartment in every market studied. Janitors fare almost the same, being able to afford a two-bedroom apartment in only one of the 210 rental markets studied. Licensed practical nurses are unable to rent a two-bedroom apartment in 55, police officers in 12, and elementary school teachers in 11 of the markets studied.Rents have gone up in 89% of the markets studied.
The most expensive rentals in the US are in San Francisco. Meanwhile, Southern California is well-represented in the upper portion of the rankings; Oxnard comes in at #8, and Los Angeles #10. NYC, often considered on par with the pricey rentals of SF, actually ranked #13, with the average rent for a 2-bedroom unit coming in at $61 cheaper than LA's $1420.