As California’s housing market reaches new heights of unaffordability, Los Angeles has been named the least affordable city in the country. With home prices soaring to unprecedented levels in April and a significant gap between the income required to comfortably afford a median-priced home and the actual median income, the state’s affordability crisis is more evident than ever. Key Points:
California’s median home price climbed to $904,210 in April, marking a nearly 6% increase from March and an 11% rise from April 2023. Home sales also saw a modest increase, both month over month and year over year.
The average fixed-rate, 30-year mortgage was 7.02%, significantly higher than the historic lows of two to three percent seen during the COVID-19 pandemic.
The median home price in metro Los Angeles hit $840,000 in April, setting a new record.
Los Angeles is the least affordable city in the country, requiring an income of $249,471 to comfortably afford a median-priced home, while the actual median income is only $87,743.
California’s affordability crisis is further exacerbated by the state’s high housing costs, making homeownership increasingly unattainable for many.
The housing shortage is a key contributor to the state’s affordability crisis, with California needing to build more housing to accommodate its growing population and job market.
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Poster Comment:
An average home in Watts is $549,000, in South Central (where they had the Rodney King riots) is $835,000. Million dollars for a more White neighborhood.