ECHO PARK, Calif. (FOX 11) - Are you paying too much for rent? You're not alone.
Experts say we have a crisis on our hands. The California Housing Partnership Corporation reports there is a current shortage of nearly one million affordable homes in five Southern California Counties.
It boils down to a growing population, lower government spending and new luxury apartments with high rents.
One example is Echo Park. It used to have low rent apartments. Now, on average, a one-bedroom apartment in the area can cost roughly $1,995 and a two-bedroom goes up to $3,025 a month.
This means lower income families are spending two thirds or more of their income on rent with very little money left over.
Since 2000, rents have climbed 28 percent in Orange and San Bernardino Counties and 32 percent in LA and Riverside Counties.
To make matters worse, incomes have dropped in our region between 3 and 9 percent.
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