O
ver a million Californians now pay at least $3,000 per month for their apartment rent, more than double the number from 2019. According to the U.S. Census Bureau, California led the nation last year with 1.07 million households paying $3,000 or more, the most expensive category tracked by the federal agency.
In the past five years, the state's $3,000 Club grew by 587,787 households, the largest increase in the country. Last year, 18.3% of California renters paid $3,000 or more, up from 8.3% in 2019. This share ranks behind only Hawaii at 21.2%, followed by Washington, D.C., Massachusetts, and New York.
California's high-paying tenants make up 37% of the 2.9 million U.S. renters who shell out $3,000 or more per month, surpassing the next five states combined. Several factors have driven rents upward in California, including above-average paychecks and a competitive housing market. Many families can't afford homeownership, so they opt for pricier rentals that offer luxury amenities.
While California leads the nation in renters, its growth rate of $3,000-a-month occupied rentals is below average. Between 2019 and last year, Californians paying at least $3,000 grew by 123%, ranking ninth-slowest nationwide. In contrast, states like Wyoming, West Virginia, and Mississippi saw significant increases in high-cost rentals, with some growing by over 1,000%.
realestate
California Renters Face High Costs: One in Five Pay Over $3000 Monthly
Over 1 million Californians now pay at least $3,000/month for rent, double the number from 2019.
Read More - realestate
realestate
Rockford Housing Market Gains Momentum with New Hispanic Real Estate Partnership
City leaders expect NAHREP to boost Hispanic homeownership rates.
Read More - realestate
realestate
Commercial Real Estate Forum Held by Southeastern Association
Sandoval Economic Alliance holds partner luncheon at Quezada's Comedy Club, focusing on commercial real estate.
Read More
realestate
Las Vegas' Leading Realtor Leslie Hoke Reveals Fall 2024 Market Insights
Las Vegas Homes By Leslie Continues Commitment to Lively Local Real Estate Market.