This California Town Named Most Expensive Rental Market for 3rd Year Straight
I wish I could say this was good news — but it’s not.
Renting a modest two-bedroom apartment in Santa Cruz, California now requires more than $168,000 a year. That’s not to buy. That’s just to rent. For the third year in a row, this beachside town has taken the top spot as the most unaffordable rental market in the country.
Think about that for a second. You’d need to earn at least $81.21 an hour just to stay under the recommended rent-to-income ratio. That’s almost five full-time minimum wage jobs in California. And the average renter in Santa Cruz? They make about $22 an hour. The math doesn’t add up — and honestly, it hasn’t for years…