New Study Suggests Southern California Is The Worst Place To Rent An Apartment
According to Tom Bergman of Business Insider, a new study from Harvard suggests that Southern California is the worst place to rent:
“Financials planners usually recommend you devote no more than 30 percent of your income to paying the rent, but more than half of Americans in rentals now spend more than that, an all-time high, according to a new study released Monday by the Joint Center for Housing Studies at Harvard University.
Finding affordable apartments is especially tough in Los Angeles, where 52 percent of residents rent, according to the study.”
While it’s true that many Los Angeles renters pay more than is recommended by financial planners, Los Angeles is no worse than other large cities like San Fransisco, New York City, or Chicago. Not only is this article heavy on generalizations, but it doesn’t take into account the huge range of rental prices in LA. Due to the sprawling nature of Los Angeles, the rental prices are not nearly as homogenous as cities such as New York City. For example, the average rent price in Koreatown near Vermont Avenue and West 1st Street is $783. This may seem high when compared to the national average, but is less than half the average for Beverly Hills near the Beverly Center (not the most expensive part of the city). Much of Santa Monica has even higher rents. The point is that while rent prices are rising, there are still many areas in Los Angeles where a renter can find a nice, affordable apartment while making a modest salary. There are many great neighborhoods in LA with reasonable rent prices such as Hollywood, Hancock Park, Miracle Mile and Mid-City, Koreatown, and parts of Los Feliz. So, if you’re looking to rent in Los Angeles, do not be discouraged, there are plenty of apartments out there.