With its stunning views and picturesque small towns, California’s Central Coast has long been home to high housing prices for renters and homeowners alike. Back in 2016, one report found that it would take between 27.75 and 41.26 years to be able to buy a home in the area, making the entire area one of the least affordable in the entire country.
New reports from the nonprofit California Housing Partnership show how much renters need to make to be able to afford average rents in the area, KSBW reports. These recommendations follow state and federal guidelines that what is considered affordable rent is not more than 30% of gross income.
In San Luis Obispo County — recently named the second-least affordable small metro in America — renters would need to earn at least $32.52 per hour, or $5,637 per month, to afford the average rent of $1,691 per month.
Monterey County renters need to earn $36.52 per hour, or $6,330 per month, to afford the average rent of $1,899 per month.