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New Report Says Your L.A. Dream Home ... Is an Apartment

New Report Says Your L.A. Dream Home ... Is an Apartment
summitridgedrive.com

If you think the home buying scene in Los Angeles is nuts, as in mid-'00s nuts, you're right. Those all-cash buyers and real estate investment trusts hovering over the newest for-sale signs have ruined it for middle-class house shoppers with only minimal down payments and loans in-hand.

And that's not good for the economy. The California Association of Realtors this week unleashed its "affordability report" (via Curbed LA) for the second quarter of 2013:

The report says that, in the Los Angeles market, it now takes a buyer with a household income of $73,210 to even begin to get her hands on a median-priced ($380,890 ) home.

Statewide that number is higher: It takes a $79,910 annual income to get at a median-priced, $415,770 home.

The median family income in California in 2010, according to the Public Policy Institute of California, was $61,100.

New Report Says Your L.A. Dream Home ... Is an Apartment
C.A.R.

According to a New York Times analysis, taking home $70,000 a year puts you in the top fifth of income earners in the entire United States.

You get where this is going: If you're in the middle, you can't afford a house. Period.

And so, do you know how many of us could afford a median priced home in California? Only slightly more than one in three (36 percent), says the California Association of Realtors.

That's a sad thing. We hope you like your apartment. You might be living there for years.

Send feedback and tips to the author. Follow Dennis Romero on Twitter at @dennisjromero. Follow LA Weekly News on Twitter at @laweeklynews.


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