Is Santa Cruz really the most expensive place for rentals in all of the US?

Santa Cruz County is now the most expensive rental market in the U.S

The Santa Cruz-Watsonville metro area, which is made up solely of Santa Cruz County, moved into the top spot in the rankings of costliest rental markets in the U.S. in the latest edition of  “Out Of Reach,’' an annual report by the National Low Income Housing Coalition. Last year, the county ranked No. 2, behind the San Francisco metro area comprised of San Francisco, San Mateo and Marin counties.

“This should surprise no one,” said Santa Cruz Mayor Fred Keeley. “We can’t call ourselves a progressive community anymore if we’re the least affordable rental market in the United States.”

According to the report, the fair market rent of a two-bedroom rental in the county is $3,293. Renters would have to earn an average “housing wage” of $63.33 an hour to be able to afford that rent, the report says.

A housing wage is the hourly wage a full-time worker must earn to afford a modest rental home without spending more than 30% of their income on housing costs. A person making the state minimum wage of $15.50 would have to work four such jobs to meet that amount.