California Second only to Hawaii in Rental Expense

By Andrew KhouriMarch 25, 2014, 7:00 a.m.

California renters must earn more than triple the minimum wage to afford a two-bedroom apartment, underscoring a housing shortage throughout the state, a new report said.

A worker earning the minimum wage — $8 per hour in California — would have to toil away for 130 hours a week to afford a two-bedroom, the National Low Income Housing Coalition said Monday.

“California is short one million affordable homes for working families,” he said in a statement.

Many low income workers need family members to pitch in to absorb high rents. A California family needs 3.3 full-time minimum wage earners to afford a two-bedroom, the coalition said in its annual Out of Reach report.

http://www.latimes.com/business/money/la-fi-mo-california-rent-20140324,0,3714931.story

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