New data demonstrates that affordable housing needs have grown significantly, with a current shortfall of 551,807 affordable rental homes for Los Angeles County’s lowest-income renters. This staggering shortage of housing in the state’s largest county has been exacerbated by cuts in federal and state funding—including the elimination of State Redevelopment—which have reduced investment in affordable housing production and preservation in Los Angeles County by more than $456 million annually since 2008, a 64% reduction.
The California Housing Partnership Corporation published its annual Housing Needs Assessment data today for Los Angeles County, which provides a comprehensive snapshot of the region’s current housing needs and challenges. Additional key findings include:
• Median rent in Los Angeles County has increased 32% since 2000 while median renter household income decreased 3%, when adjusted for inflation.
• Renters need to earn four times the local minimum wage to afford the median asking rent of $2,499 in Los Angeles County.
• Los Angeles County’s lowest-income renters spend 70% of income on rent, leaving little leftover for food, transportation, health expenses, and other needs.
• When housing costs are considered, Los Angeles County’s poverty rate rises from 18.3% to 25.6%.
The full Los Angeles County Report can be viewed here.