Los Angeles, San Diego, San Francisco and three other California cities have some of the biggest millennial renter wage gaps in the country — the gap being the difference between what the typical worker can afford versus the average rental costs.
Of the California cities, L.A. has the biggest rent wage gap for millennials, followed by San Diego in third place, San Francisco in fifth, San Jose in seventh, Riverside in eighth and Sacramento in 12th, according to an analysis by Filterbuy using data from the U.S. Census Bureau’s 2020 American Community Survey Public Use Microdata Sample.
In L.A., the millennial wage gap was minus 49.5% in 2020, with millennial renters making a median wage of $36,649, according to the analysis. However, renters needed an average wage of $72,560 to pay for a one-bedroom rental. The median rent for a one-bedroom was about $1,814; about 35.6% of millennials in the city were renters.
San Diego also had a lofty millennial renter wage gap at minus 39.9%. The average wage millennials would need to make in order to afford a one-bedroom was $69,720, even though the renter median wage was $41,885. In San Diego, 34.2% of millennials were renters.
Meanwhile, Riverside’s millennial renter wage gap was minus 34.5%, with millennials having to make an average of $47,960 to pay for a one-bedroom. In actuality, they made a median wage of $31,414.
Researchers calculated the millennial renter wage gap by finding the percentage difference between the median wage...
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