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Valley Affordable to 11 Percent of Angelenos

In a font big enough to declare war, the Daily News gives frontpage space to the news that the median home price in the Valley has hit an all time high of $600,000, a $111,000 increase from a year ago.

The typical Valley house, by the numbers.

* 11 percent of Los Angeles County residents can afford it.

* A minimum income of $139,160 qualifies you to buy it.

* $3,479 a month pays for it.

Source: California Association of Realtors

As we mentioned previously, not only are home prices rising, so are rents all over the Valley. While we excitedly await the end of the housing bubble, which has been under burst-watch for at least the past year, many experts are dumbfounded by the continuing hot market.

"I think everyone is asking, how long can this keep going? They are scratching their heads," said Jack Kyser, chief economist at the Los Angeles County Economic Development Corp. "If anything is affordability-priced, people will jump on it."

If houses aren't your thing, condos are more affordable at a median price of $385,000. Or you can stay in your studio in Koreatown and wait until prices come down.
· Median Price Through Roof [Daily News]