"Los Angeles is stuck in a housing crisis with little hope for an easy escape. The standard definition of “affordable” is shelter that costs no more than 30% of a household's gross income; anything higher cuts severely into other types of consumption. Using that metric, to afford the median-priced home, the median household would require a staggering 52% raise, to $96,000 a year from $63,000. A more modest 14% raise would enable that family to rent the median-priced apartment. With housing costs rising faster than incomes, we are likely to retain our title as the least affordable city in the United States for years to come..."
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08/10/2015
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- UCLA Ziman Center is a multidisciplinary research center of UCLA Anderson School of Management and UCLA School of Law. We seek to advance thought leadership in the field of real estate by generating influential research, educating the next generation of leaders and providing meaningful forums for industry professionals and policy makers.
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