LOS ANGELES - Inflation has hit nearly every aspect of American's lives over the course of the last few years. The COVID-19 pandemic and associated supply chain issues forced price spikes on everyday items. The Russian invasion of Ukraine pushed gas prices through the roof, especially in Southern California. Unfortunately, rent is not immune to the increases either.
According to the Consumer Price Index, prices for everything have increased over the last 12 months by nearly 8%, and shelter has increased by 4.7% over the same time period — the largest increase since 1991.
It's more important than ever to try and get the biggest bang for your buck. But, a new report from Porch.com shows that might be more difficult in Los Angeles. The Los Angeles Metro area was rated the sixth-worst large metro area in the U.S. in that regard. According to their data, the cost of living in Los Angeles is nearly 12% higher than the U.S. average.
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In fact, four of the top 10 least cost-effective metro areas are in California — the others being San Francisco (1), San Diego (3) and San Jose (4).
In addition to the high cost of living, rent in LA has gone up every month so far in 2022. According to Rent Café, an apartment search website, the average rent in Los Angeles is $2,661 per month, but that can vary wildly from neighborhood to neighborhood. So which LA neighborhoods are the most and least affordable?
Per Rent Café, North of Montana is the most expensive neighborhood, with average rents topping out at more than $4,500 a month. Vermont Vista and Vermont Knolls are the cheapest neighborhoods. Rents there average out to around $1,500 a month.
Labor experts expect rent to continue to increase as the country recovers from the COVID-19 pandemic.
For those who are having trouble coming up with 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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