LOS ANGELES – Inflation touched almost every aspect of American‘s lives over the past few years. the COVID-19[feminine] the pandemic and associated supply chain issues have led to price spikes on everyday items. the Russian invasion of Ukraine pushed gas prices through the roof, especially in the south California. Unfortunately, rent isn’t immune to increases either.
According to Consumer price indexprices for everything are up nearly 8% in the past 12 months and housing is up 4.7% over the same period — the biggest increase since 1991.
It’s more important than ever to try to get what you pay for. But a new report from Porche.com shows that might be harder to Los Angeles. The Los Angeles metropolitan area was ranked sixth among major metropolitan areas in the United States in this regard. According to their data, the cost of living in Los Angeles is nearly 12% higher than the US average.
In fact, four of the 10 worst-performing metropolitan areas are in California, with the others being San Francisco (1), San Diego (3), and San Jose (4).
In addition to the high cost of living, rents in LA have gone down so far in 2022. According to Rent Cafe, an apartment search site, the average rent in Los Angeles is $2,661 per month, but that can vary wildly from neighborhood to neighborhood. So which areas of LA are the most and least affordable?
Per Rent Café in northern Montana is the most expensive neighborhood, with average rents exceeding $4,500 per month. Vermont Vista and Vermont Knolls are the least expensive neighborhoods. Rents there average about $1,500 a month.
Labor experts expect rents to continue to rise as the country recovers from the COVID-19 pandemic.
For those struggling to find rent or money for utilities, the application deadline for the Housing Is Key program is Thursday, March 31 at 5 p.m. Those wishing to apply can do so at HousingIsKey.com.
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