L.A., Riverside Among Least-Affordable Rental Markets

Los Angeles and Riverside are among the top four least-affordable cities to rent in the nation, according to a new report by the real estate company Zillow. Angelenos spend nearly 37 percent of their income on rent on average, while Riverside residents spend about 33 percent, Zillow reported March 8. According to Zillow, the average rent in Los Angeles is $2,750 and $2,280 in Riverside. Other cities that made the top-five least affordable list were Miami, where residents spend on average about 42 percent of their income on rent; New York, 39 percent; and Tampa, 33 percent. The median U.S. household would have to spend 29 percent of their income to cover the cost of a new rental, according to listed prices from last month, Zillow said. Such has risen 0.1 percent compared to the same time last year....