Los Angeles is trapped in a deep housing hole with little hope for an easy resolution. To afford the purchase of the median priced home, the median household would require a staggering 53% raise, from $63,000 to $96,000 per year. If that sounds too lofty, 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 defend our title as least affordable city in the United States.
In the August 2015 UCLA Economic Letter, UCLA Ziman Center and UCLA Anderson Lecturer Paul Habibi examines LA's housing affordability crisis and offers the top three ways to ease the crunch. Read more...
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