LA has a lot to brag about. We’ve got the best weather in the country, one of the hottest beaches in the world (Malibu) and some of the most creative people you’ll ever meet (aka Hollywood). There’s a lot to love about living in LA.
There’s also the other side of living in LA: the smog, the traffic and the painful process of finding a place to live. As you know, we live and breathe apartments at RadPad, so we thought we’d take a look at who’s living in LA and break it down in a way we could easily understand.
So.. here’s what its like to be a renter in Los Angeles:
Did you know LA has the highest percentage of renters in the entire country!? More than 6 in 10 of us rent vs. just under 4 in 10 who own a home (maybe it’s because we also have the most expensive home prices in the country!)
It’s no surprise that LA, being the movie capital of the world, attracts a fairly young crowd which is represented in 30% of us ‘Millennials’ who are renting apartments. We were surprised to see that the 55+ year olds held such a high percentage of renters. Maybe the American Dream of homeownership just ain’t what it used to be?
“LaLa is cheap.” – said no one ever.
And just where are we renters living? At $1635/month, you can find yourself a nice apartment (well that depends on your definition of ‘nice’) or if you want to really impress your friends, you can rent your own house for a whopping $6240/month on average!
Don’t want to live in an apartment but can’t afford a house? You could always ‘be different’ and rent a boat (check out Marina del Rey).
And finally, if you’re considering renting a house, you might want to check out Santa Monica, Brentwood, Beverly Hills, Hollywood Hills or Silverlake. They seem to be the hottest areas to rent homes in Los Angeles right now.
Or… you could always just rent an apartment in one of these fine neighborhoods.
Download the complete infographic here.