Study: Los Angeles ranks among top cities with highest rent costs

LOS ANGELES, Calif. (FOX 11) - If you think you're paying too much for rent in Los Angeles, a new Harvard University study says you're right.

The findings show that Los Angeles is among the top cities for "cost burdened" renters.

Tenants who are paying 30-percent or more of their gross income on rent.

The recent "State of the Nation's Housing" report also found more than 57-percent of those renting in Los Angeles are among this group.

Randy Forbes, a real estate broker with Gibson International in Brentwood has been renting and selling real estate in the Los Angeles area for 30-years and says he's never seen the rents this high.

"The thousand dollar rental is now $1500, the $1500 rental is $2000, most people can't find a home because single family homes are too expensive to own and those rentals all have to be at least 3 to $4,000 so your average worker can't afford to get into it and now they're getting roommates and they're not happy."

The high rents are also causing home ownership rates to remain stagnant because tenants can't save enough for a down payment.

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