This California city tops list of most expensive US rental markets for third year in a row; renters need 4 jobs to afford a home; here’s why
The data shown in the report states that a person who plans to rent a house should earn 168,920 dollars per year or $ 4,223 per month in a two -bed bedroom in Fair Market Rent in the Metro. According to Fox Business, California’s minimum wage is $ 16.50; This is the equivalent of doing 4.9 full -time work.
The average tenant earns $ 22.13 per hour in California
The new report says most tenants cannot meet it. The average tenant earns $ 22.13 per hour at Santa Cruz County. In order to pay for an apartment, 3.7 would have to work in full -time work. Santa Cruz County Residence Director Elaine Johnson, Santa Cruz Sentinel’e “This is the number 1 we do not want to be,” he said. “This is from time to time on the deck for everyone concerned.”
The out -of -access report also reveals that California is dominated by acquisition rankings. Golden State, San Jose, San Francisco, Salinas and Santa Barbara, including the most expensive ten metro area has eight. The average housing fee for a two -bedroom apartment throughout the state of the state is about $ 50 per hour, which is the highest in the US state.
Considering the current minimum wage, a full -time California worker must work 120 hours a week to meet the an average of two bedroom apartments. According to the report, “anywhere in the United States, a metropolis area or a district-full-time minimum wage worker, two bedrooms can not buy a modest rental house.”
Arrangements and supply problems California housing market is expensive
The out -of -access report says that the problem is a serious and permanent supply shortage that predicts a gap consisting of 7.1 million affordable rental houses for the extremely low -income or ‘hand’ households. According to critics, California housing market is also blocked by overlapping layers of arrangement. “Ceqa[California Environmental Quality Act] And the restrictive zoning arrangements are those who contribute significantly to California’s residential famine, Dr. Wayne Winegarden, a senior member of the Pacific Research Institute.
Santa Cruz District Republican Party Chairman Mike Lelieur, Fox Business, the affordable price crisis is a direct result of decades of progressive progressing policy, he said.
“The local planning department has made it so expensive, not profitable, unless the local planning department was supported by a large company developer.” He said. “Then CEQA, coastal commission reviews, endless leave delays and Greenbed restrictions. A bureaucratic blockade by design.”
He also criticized Santa Cruz University of California for expanding the student population faster than he built housing. “UCSC continues to expand, but the dormitories do not build fast enough. Thus, students leave the local market inundated and the landlords raise the rents – because the mother and father pay the bill.” He said. “A housing crisis created by this policy.” He said. “And unless it changes the route, it will just get worse.”
