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A study from Smart Asset looked at how much a person would need to earn so as to spend no more that 30% of their income on rent in top cities, including Los Angeles and San Francisco.
In LA, a single person would need to earn $145,629/yr & in SF, that same individual would need to earn 216,129/yr to rent a two bedroom apartment!

According to the study, the most expensive rental markets in the country are:

1. San Francisco
2. New York
3. Los Angeles

In the past year, market rents have climbed at a faster rate in LA, Phoenix, and Dallas than in the other major cities included in the study. That does not bode well for our kids already trying to save money
to someday buy a home. They can’t possibly save as much or a quickly as equity builds. And unless you benefit from a rent controlled building, rents are only guaranteed to go up. A fixed rate mortgage never does
and you get to keep the equity you’re paying for, as well as the tax benefits. Use the equity you’ve built up in your home to help your kids buy theirs. Why build someone else’s personal wealth? Buy real estate.
I can show you how. Call or email me now. You can find both links here on my website.