It’s no surprise that California renters are paying the largest percentage of income on rents, according to Zillow data released Friday.
Nationally, renters are paying 30.1% of their income on rents. But the largest California markets are well above that figure with Los Angeles renters shelling out 48.2% of income on rent and San Francisco renters spending 44% of their incomes, according to a Zillow news release.
The improving economy is sparking growth in housing, says Zillow’s chief economist Stan Humphries.
“Unfortunately, the supply of affordable homes, especially affordable rentals, is insufficient in many areas to meet this growing demand,” he says.
Meanwhile, Miami is hitting renters’ paychecks at 44.2% and New York came in as the No. 5 least affordable metro area.
Top 10 Metros Where Renters
Spend Most Income
1. Los Angeles, 48.2%
2. Miami, 44.2%
3. San Francisco, 44%
4. San Diego 43.2%
5. New York, 41.6%
6. San Jose, 39.4%
7. Riverside, Calif., 36.4%
8. Boston 33.8%
9. Denver, 33.4%
10. Sacramento, 33.2%
Source: Zillow
