As California’s housing market reaches new heights of unaffordability, Los Angeles has been named the least affordable city in the country. With home prices soaring to unprecedented levels in April and a significant gap between the income required to comfortably afford a median-priced home and the actual median income, the state’s affordability crisis is more evident than ever.
Key Points:
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California’s median home price climbed to $904,210 in April, marking a nearly 6% increase from March and an 11% rise from April 2023.
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Home sales also saw a modest increase, both month over month and year over year.
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The average fixed-rate, 30-year mortgage was 7.02%, significantly higher than the historic lows of two to three percent seen during the COVID-19 pandemic.
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The median home price in metro Los Angeles hit $840,000 in April, setting a new record.
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Los Angeles is the least affordable city in the country, requiring an income of $249,471 to comfortably afford a median-priced home, while the actual median income is only $87,743.
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California’s affordability crisis is further exacerbated by the state’s high housing costs, making homeownership increasingly unattainable for many.
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The housing shortage is a key contributor to the state’s affordability crisis, with California needing to build more housing to accommodate its growing population and job market.
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Los Angeles is the least affordable city in the country.
It requires an income of $249,471 to comfortably afford a median-priced home — but the actual median income in the city is less than half of that, at $87,743, per FOX.
— unusual_whales (@unusual_whales) May 17, 2024
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