Renters in Greater Los Angeles believe the grass is greener on the other side.
Despite a strong job market, three out of four renters in L.A. want to move away largely because of the area’s high housing costs, according to a recent study by Apartment List.
The study showed that the most popular destinations eyed by Angelenos are Phoenix and Las Vegas, which are proving to be more affordable, L.A. Weekly reported.
“In L.A., you have a lot of young people who want to try it out, last a few years and end up deciding to leave,” Apartment List’s research analyst Sydney Bennet told the Weekly. “You may love L.A. and may want to stay, but if you don’t have the income, you might end up leaving.”
Nearly 77 percent of renters in L.A. expressed plans to settle elsewhere, according to the study, which was based on a relatively small survey of 24,000 renters nationwide.
However, the area with the highest percentage of renters wanting to move was New York with 83.2 percent and San Francisco with 82.8 percent.
The number of renters is quickly increasing across the country. In 2015, 1.4 million new renter households were created, according to a report by Harvard’s Joint Center of Housing Studies. [LAW] — Subrina Hudson