Oh good, yet more confirmation that it's practically impossible to actually afford a house in Los Angeles. CNNMoney has ranked the 10 least affordable cities for homebuying, comparing median home price with median income to find the percentage of houses that average workers can afford. Los Angeles comes in in *fourth (not seventh, as previously written) place--not terrible, but still: oof. Median home price right now is $335,000; median income is $64,800. That makes for 44.1 percent affordability. But at least that's better than it used to be? During the boom, "the median price was $530,000 and only 3% of the homes sold were considered affordable to median income families." Post-bust, prices have started to creep up again in some neighborhoods, but unemployment has also fallen over the past year. The LA Business Council and UCLA recently released a report with similar findings, although they included rentals and found that LA was the third least affordable city (after New York and San Francisco). They also made some suggestions, like building more units and making it easier for workers to commute to jobs via transit.
· 10 least affordable cities to buy a home [CNNMoney]
· The Average LA Worker Still Can't Actually Afford to Live in LA [Curbed LA]