A recent survey found that one would need to bring in $145,000 a year to pay rent on a two-bedroom, market-rate unit in LA. But what about someone not looking for a market-rate unit but just trying to find a decent place quickly? Turns out that those lower standards will save renters a good chunk of change, but for many, the rent will remain too damn high.
The latest Out of Reach 2016 report from the National Low Income Housing Coalition (via CityLab) reveals that a worker hoping to afford a two-bedroom apartment would need to be making $28.65 an hour to afford such an apartment renting for Fair Market Rent, a number determined by the federal Department of Housing and Urban Development and represents "seeking a modest rental unit in a short amount of time can expect to pay for rent and utilities" by the report's definitions.
$28.65 is a pretty far cry from the actual minimum wage in LA; a minimum wage earner would have to work 2.9 full-time, minimum wage jobs to cover the costs of a two-bedroom. Renters who've set their sights a little lower will still have to make $22.19 an hour to pay for a one-bedroom. (Minimum wage in LA is $10 now, but in July it will rise to $10.50 on its gradual way to $15.)
Though, as might be expected, LA County's "housing wage" is lower than those in the Bay Area—San Francisco County residents have to make $44.02 an hour to afford their two-bedrooms—that's hardly comforting.
Here are the report numbers for LA County: