It's not getting any easier for members of the middle class who hope to buy a home in LA. A new study out from Trulia shows that just 22 percent of houses on the market here were affordable to members of the middle class. These results keep Los Angeles holding steady as the second most unaffordable housing market in the nation for the middle class (of course, San Francisco was number one). To arrive at these depressing numbers, Trulia considered monthly house payments; if payments would be less than 31 percent of LA's median household income of $54,000, the home was considered affordable. Unsurprisingly, there were not a lot of homes in LA that fit the bill.
Trulia's recent findings show that a slightly lower percentage of homes are affordable now than when they did a similar report last spring, and 23 percent of homes were within reasonable reach of the average family. Four LA neighborhoods made onto the top-ten list of most unaffordable sections of larger markets in the nation, too. The San Gabriel Valley (part of which is experiencing a McMansion boom) and Pasadena, which is always pricey, were second only to Manhattan.
· Where Is Homeownership Within Reach of the Middle Class and Millennials? [Trulia]
· LA Has Second Least Affordable Housing for the Middle Class [Curbed LA]