At least 30 percent of Angelenos who earn $100,000 or more per year are renting their home, new data shows.
In 2008, about a quarter of L.A. residents making six figures were renting. But a new report by Apartment List shows that share had risen five percent by 2017, when the city was home to more than 450,000 high-income renters. CurbedLA first reported the story.
“This trend will likely lead to greater inequality within the rental market,” as high earners compete with lower income families at a higher rate, said Rob Warnock, an Apartment List researcher.
Home prices are close to an all-time high in Los Angeles, meaning high-income renters may not see owning as a viable option. Last year, a separate report from Attom Data Solutions found that making mortgage payments on a median-priced home in L.A. would require an income of $167,182, well above the $100,000 classified as “high-income” in the Apartment List report. [Curbed] – Gregory Cornfield