Kim, who was assigned to LA six months ago, sighs every time he sees his rent bill. The monthly rent, including management fees, exceeds $3,500—excluding utilities and internet. Kim said, "I chose my home considering the school district and safety, but compared to Korea, rent here is excessively high. I'm already worried about how much the rent will increase when it's time to renew the lease."

It was revealed that California has the largest number of tenants paying over $3,000 a month, with 1.07 million households. This surge is due to skyrocketing home prices after the COVID-19 pandemic, coupled with high-interest rates and a lack of available homes, leading more people to rent instead of buy.

According to U.S. Census Bureau housing data on the 2nd, out of California's 5.85 million rental households, 18.2% (1.07 million households) pay more than $3,000 in rent each month. This represents a massive increase of 587,787 households over the past four years, more than doubling since 2019. Back then, only 8.3% of renters paid over $3,000 monthly.

Siliconvalley.com noted, "This is the largest growth rate in the nation. One-third of the 1.8 million residents who joined the '3,000-dollar club' are in California."

Looking at regional rankings, Hawaii took the top spot with 21.2% of rental households paying over $3,000, followed by California (18.2%), Washington DC (16.8%), Massachusetts (13.6%), New York (12.8%), Florida (7.2%), and Texas (2.9%).

California is notorious for its high housing prices, rents, and living costs. According to the Census Bureau, California had the highest average rent in the nation last year at $1,992, which is 42% higher than the national average of $1,406. Hawaii followed at $1,940, Washington DC at $1,904, Colorado at $1,771, and Massachusetts at $1,757. Texas ranked 18th at $1,413, and Florida came in 7th at $1,719.

The issue is compounded by high interest rates, rising home prices, and a lack of available homes, forcing more people to remain in rentals. This has caused areas where rents exceed $3,000 to spread rapidly. The high rent prices are not just thinning the wallets of California residents.

From 2019 to 2023, the national average increase in households paying over $3,000 in rent was 159%. Wyoming saw the highest growth at a staggering 1,998%, followed by West Virginia (1,032%), Mississippi (650%), Maine (638%), and Delaware (569%). Texas, one of California's main competitors, saw a 251% increase, ranking 24th, while Florida's rent prices surged 441%, placing it 12th. Over the same period, California's rent growth was 123%, ranking 43rd.

By Hong-yong Park, Reporter

<Hongyong Park>