When your dream house is more of a fantasy
Young homebuyers looking to settle down in Los Angeles are in for a rude awakening: LA is one of the three least affordable metro areas in America.
According to analysis by Bloomberg News, the gap between median pay and the income you need to afford a single-family home here is more than $20,000 a year. Younger buyers, age 25-44, can only afford a home as close as Riverside, two hours east of Downtown LA.
As Curbed put it, “Perhaps it’s a mass exodus to Des Moines that’s really in order. Sure, life will move a A LOT slower, but the $50,157 in salary you’ll save each year will go a long way in the Hawkeye State.”
Part of LA’s housing crisis is clearly supply. There just aren’t enough new homes being built to keep up with demand. But it’s also a problem that the majority of new construction (98 percent in 2014) is outside the price range of most Angelenos.
We don’t just need more housing, we need more affordable housing. And we need better jobs, so local workers can afford to buy homes here.
We have a plan to create affordable housing and good jobs for local workers to build it. Learn more about Prop. JJJ.