California residents need more unemployment assistance. A new survey from Clever Real Estate shows that six major metros in California are unlivable on the current unemployment insurance. Those markets include Los Angeles, Oxnard, San Diego, San Francisco, San Jose and Oakland. In some of these markets, residents couldn't even live in a studio apartment on the current unemployment coverage, and would need an additional $1,100 per month.
"California in general is really expensive—the state's cost of living is 150% of average—but the unemployment insurance is pretty middle-of-the-road. Therefore, many people on unemployment insurance in California can't afford even a studio apartment on state-funded benefits," Francesca Ortegren, a data scientist at Clever Real Estate, tells GlobeSt.com. "Additional unemployment insurance could go a long way to helping people pay for necessities."
During the beginning of the pandemic, unemployment benefits through the CARES act provided $600 per week in addition to state benefits. That benefit expired at the end of July, and has been replaced by a temporary $300 weekly additional benefit. Still, this is not enough for California residents. "While the additional $300 weekly lost wages assistance could help offset some costs, it's still not enough to cover a 2-bedroom apartment in most SoCal areas: LA at $-471, Oxnard at $-376, and San Diego at $-504 still come in short while those in the Riverside area are in the black at $335," says Ortegren.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.