California’s housing market has reached a new pinnacle of unaffordability; Los Angeles is the least affordable city in the country.

Sharing is Caring!

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:
  • 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.
  • Home sales also saw a modest increase, both month over month and year over year.
  • 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.
  • The median home price in metro Los Angeles hit $840,000 in April, setting a new record.
  • 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.
  • California’s affordability crisis is further exacerbated by the state’s high housing costs, making homeownership increasingly unattainable for many.
  • 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.

Sources:

See also  China now has 500 nuclear warheads with its nuclear arsenal now growing 'faster than any other country', think tank warns
See also  Buckle up, because the housing market is sending us hurtling back to the chaotic days of 2008.

ktla.com/news/california/california-home-prices-just-reached-a-new-record-high/

Views: 315

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.