A household earning the Los Angeles area’s median income cannot afford a rent-controlled studio in Santa Monica, according to a new report from the city’s Rent Control Board.

By U.S. Department of Housing and Urban Development affordability standards, a family would need an income of at least $95,429 to afford a studio, which is about 31% higher than the median household income of the Los Angeles area and 1.7% higher than the median household income of Santa Monica. A family would need a six-figure income to afford any unit larger than a studio.

Read More: https://www.smdp.com/renters-need-to-earn-95000-to-afford-rent-controlled-studio-in-santa-monica-new-report-says/187500