Renting the median rental in the Los Angeles metro area (which in this case includes Long Beach and Santa Ana), would require a single earner to make at least $48.58 an hour, and to work a full-time, 40-hour work week for 50 weeks a year, according to this map via our friends at Vox.com. That translates into $97,160 a year—not too far from what you'd need to buy the median-price house ($96,513), according to a report we saw earlier this week. Got two people bringing home the bacon? Whew! Each worker only needs to earn $24.29 to afford the median rental in that case. Just a reminder that the minimum wage in California is $9.
Los Angeles has low wages relative to other high-priced housing cities, like San Francisco and New York, but it also has a shortage of non-luxury housing that helps create this excruciatingly high cost of living. Hopefully, some relief is on the way in the form of 100,000 new housing units the mayor wants to see built between now and 2021.
· Map: Do you earn enough to afford the median rental in your city? [Vox.com]
· You Have to Make $96,513 to Afford a Cheap House in LA [Curbed LA]
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