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Terry S
12-14-2005, 05:04 PM
http://money.cnn.com/2005/12/14/real_estate/buying_selling/least_affordable_rental_markets/index.htm?cnn=yes

Least affordable rental markets
The prices of many rental markets have exceeded the wages of the renters who live in them.
December 14, 2005: 3:50 PM EST
By Les Christie, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) - In order to afford to rent a two-bedroom apartment in San Francisco, you should be earning nearly $30 an hour in wages, 40 hours a week.

That's the conclusion reached by the National Low Income Housing Coalition in an annual report that calculates what hourly wage someone needs to earn to afford to rent and utilities.

It's based on fair market rents in each state, metropolitan area and county in the United States. The organization applies a standard of paying no more than 30 percent of income on housing costs.

Nationally, the average wage needed to rent a two-bedroom home is $15.78 an hour, up from $15.37 an hour in 2004.

On average, renters earned $12.22 an hour -- not enough to afford a two-bedroom apartment in nine out of every 10 markets.

The report quoted Sheila Crowley, President of NLIHC, saying, "The disparity between what people earn and what even modest rental housing costs grows larger each year."

The state measuring as least affordable for housing is Hawaii, where a two-bedroom home would require a wage of $22.30 an hour. California was next at $22.09.

Marin County, north of San Francisco, joined the city as the most expensive U.S. county at $29.54 an hour. The most expensive metro areas outside of California were Stamford, Connecticut ($28.88) and Boston ($25.46).

The most affordable state was West Virginia, where a modest wage of $9.73 was needed to rent a two-bedroom home; Arkansas was No. 2, at $9.99.

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Least affordable rental metro areas
Where wages have to be highest to afford a two-bedroom home
Metro area* *Wage*
San Francisco* $29.54*
Stamford, CT* $28.88*
Oxnard, CA* $28.12*
Orange County, CA* $26.77*
Santa Cruz, CA* $25.83*
Oakland* $25.75*
Boston* $25.46*
Westchester County, NY* $25.31*
San Jose* $25.04*
Easton/Raynham, MA* $24.67


Least affordable states
These states require the highest wages to afford a two-bedroom apartment
State* *Wage needed to pay for a two-bedroom home*
Hawaii* $22.30*
California* $22.09*
Massachusetts* $21.88*
New Jersey* $20.87*
New York* $19.73*
Maryland* $19.62*
Connecticut* $19.30*
Rhode Island* $18.42*
New Hampshire* $17.58*
Alaska* $17.40*

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California with 6 of the top 10 metro areas. Outstanding.

Terry S

ANTHONY
12-14-2005, 05:10 PM
Wow that means i better finish school and get a dagree!!!

Chris in SD
12-14-2005, 06:32 PM
If the rest of Virginia wasn't all rural and small towns, I'm sure VA would be on the list. From where I live (about 30 miles east of DC) all the way to DC, most houses are $700,000 or more (condos about $350K). When you get really close to the Potomac River, it seems like houses are $1M +.

909Evo
12-15-2005, 12:44 AM
If the rest of Virginia wasn't all rural and small towns, I'm sure VA would be on the list. From where I live (about 30 miles east of DC) all the way to DC, most houses are $700,000 or more (condos about $350K). When you get really close to the Potomac River, it seems like houses are $1M +.


He's not kidding, virginia ain't cheap... my girl is from Alexandria, her Condo/townhouse thingie was 1.5m

digitalxdna
12-15-2005, 01:59 AM
yikes.

Dagul
12-15-2005, 07:49 AM
I'm surprised San Diego didn't make it in the top 10.

Terry S
12-15-2005, 09:10 AM
San Diego as a metro area is huge. You have to factor in all those border towns and everything up the 15 and the 8 (i think?).

If you notice LA didn't make it either because it has to many lower income cities in it just like San Diego.

I'd like to see this by most expensive cities in the US...

Hmm. I think i'm going to check some of my real estate sites.

Terry S

Dagul
12-15-2005, 01:14 PM
Yeah that's true, to an extent. Every area I've looked into moving to in the san diego area has required an 18 to 20 dollar an hour job average just to qualify for an apartment lease...

hksevo8
12-15-2005, 06:16 PM
I can't wait for these intrest only and adjustable rate mortgages to come due in OC, I smell fore closures on the horizon....then I can buy....

Chris in SD
12-15-2005, 08:52 PM
Picture this crap: I have a $500K townhouse in San Diego that I pay the mortgage on, plus I pay $1400/mo in rent here in VA... For that money, I could have almost a million dollar house!! And I still have the gas/electric bills for both places, insurance for both places, etc. :'(

Dagul
12-16-2005, 02:20 AM
I'd be happy just to find anything decent under 400K.

Terry S
12-16-2005, 11:31 AM
I'd be happy just to find anything decent under 400K.


In OC? lotsa condo's still under 400k.

Or you can get one of the houses over by the santa ana courthouse. :uglystupid2:

Terry S