Morning! Had your coffee yet? Yes? Good. 'Cause the news this morning is a bit rough: “Los Angeles maintained its firm grip on the unenviable title as the nation's least affordable housing market in the fourth quarter of last year.”
According to the Daily News, only 2 percent of the homes (median price: $525,000) sold in LA last fall were affordable to families earning a median income of $56,200.
Elsewhere in the nation, things are far rosier. Particularly in Indianapolis, where the average home price was a tidy $113,000. And nearly 90 percent of those homes were affordable to Indianapolis families, who earn more than us Angelenos (average income of $65,100).
· LA Homes Too Costly For Most [Daily News]