Want to rent an apartment in LA? This is how much you should earn per hour – NBC Los Angeles

Californians are well aware of the high price of housing, but a new report from the National Low Income Housing Coalition reveals just how deep the gap really is between the minimum wage and the cost of an average two-bedroom rent.

The Housing Coalition, a nonprofit organization based in Washington, D.C., released its annual report last week showing the minimum wage workers in U.S. states and cities would have to earn to afford a “modest” two-bedroom apartment at a low cost. fair market price.

How much do I have to earn to afford an apartment in Southern California?

Californians would have to earn an average hourly wage of $39.01 and work full-time to afford a two-bedroom apartment.

Understandably, that number changes drastically depending on what part of the state you live in.

In most of Orange County, workers would need an hourly wage of $44.69, the date shows. In the Los Angeles area, the number is on par with the state average of $39.31.

At the current state minimum wage, LA residents would need to hold two to three full-time jobs to meet that threshold.

In San Diego County, renters would have to hold about three full-time jobs, or earn a minimum wage of $42.92, to afford a two-bedroom apartment.

What about the Bay Area?

In San Francisco, the numbers are getting worse.

Residents need an hourly wage of $61.50 to afford a two-bedroom rent, the report finds, making it the state’s most expensive city.

Other parts of the Bay Area aren’t much better. Workers in the Santa Cruz region need $60.35 an hour, while those in Silicon Valley — the state’s tech hub — must earn $55.15 an hour, according to the report.

Americans already face a shortage of 4 million homes, but climate change will make it much worse. Real estate experts say climate threats will make it harder to live in cities across the US as wildfires, floods and storms add pressure to an already unsustainable housing market.

Are There Affordable Regions in California?

If you’re considering moving to Central California, when the region may not have as much to offer as a metropolitan city, you’re looking at a much lower cost of living.

In Bakersfield, renters have to earn just $19.48 an hour to afford a two-bedroom rental.

In Fresno, the number is slightly higher at $21.87.

Merced residents expect a minimum wage of $21.54, the report said.

In Tulare County, a wage of $19.33 per hour covers the cost of a two-bedroom apartment.

As for the cheapest county, Modoc County residents can afford a two-bedroom rental home with a minimum wage of $15.40 an hour, just pennies more than the state’s current minimum wage.

How much does an apartment really cost in Los Angeles?

An online search for Los Angeles apartments is sure to have your head spinning, but prices hover around a minimum of $2,000 a month.

Add a washer and dryer or a dog to the mix and you’re looking at even higher costs.

Housing website Zumper estimates a two-bedroom rent even higher, at $3,250 per month.

No matter where you rent in LA (or California), the cost of housing is nothing to joke about.

For the full report on rental costs and minimum wage, click here.

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