search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraud“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal
Commercial
Los Angeles

It’s still unaffordable to live in LA: report

Data shows it’s still cheaper than living in San Francisco, New York

L.A. rents increased despite a national slowdown.
L.A. rents increased despite a national slowdown.

It appears as though the national slowdown in home sales has yet to trickle down to rents in housing-strapped cities.

A new report from ApartmentList reveals rents in Los Angeles increased slightly over the past year, Curbed reported. The city has consistently been considered one of the most unaffordable places to live in the country, given that wages are still lagging in comparison to rent.

Sign Up for the undefined Newsletter

The median price of a two-bedroom apartment in the city circled at $1,760 per month, up .1 percent since June and .6 percent year over year. Rents in Santa Monica and West Hollywood were more expensive at $2,190 and $2,680, respectively.

That’s lower than the cost of rent in other major cities. In New York, rent for a two-bedroom unit cost $2,560 in July. Meanwhile, rent in San Francisco reached $3,100.

It’s also not getting any easier to own a home. A report from ATTOM Data Solutions, released in March, showed that the average annual wage isn’t enough to afford a median-priced home in more than 70 percent of the counties in the country. The average earners in New York would have to spend more than 100 percent of their income to afford that, the report revealed. In L.A. and Miami-Dade, it was 68 and 40 percent, respectively. [Curbed] — Natalie Hoberman

Tags
Housing Market