The National Low Income Housing Coalition put out its annual Out of Reach report on unaffordable housing this week, and LA County is not completely unaffordable! Well, it's still pretty unaffordable--someone earning the minimum wage of $8 per hour would have to work 137 hours per week to rent a two-bedroom apartment in LA, according to the LA Times--but we're better off than some of our neighbors. Orange County is the seventh least affordable county in the country, where you'd either have to work 156 hours for minimum wage or earn $31.17 per hour to make rent on a standard two-bedroom. The Oxnard-Thousand Oaks-Ventura area also makes the list as one of the 10 least affordable metro areas in the country. The numbers represent "the estimate of the full-time hourly wage that a household must earn to afford a decent apartment at the HUD estimated Fair Market Rent (FMR), while spending no more than 30% of income on housing costs," according to the NLIHC. Overall, California is the second least affordable state, right behind Hawaii and ahead of New York.
· California is second-most expensive state for rents, report says [LAT]
· Out of Reach 2013 [Official Site]