California Metro Areas: The Costliest Rental Markets in the U.S.
Several California metropolitan areas, including Santa Cruz County, Marin, San Francisco, and San Mateo counties, and Santa Clara County, have been identified as the most expensive markets for renters in the United States, according to the 2023 'Out of Reach' Report by the National Low Income Housing Coalition. The report reveals that California residents would need to earn nearly $90,000 annually to comfortably afford a two-bedroom apartment, with an average hourly wage requirement of $42.25. The high cost of housing, coupled with low vacancy rates and rising rental prices, has exacerbated the affordable housing crisis in the state. Other states with expensive rental markets include Hawaii, Massachusetts, New York, and Washington. The study recommends increased federal investment in affordable housing and direct assistance to low-income wages to address the nationwide shortage of affordable housing.
