LA Has Second Least Affordable Housing for the Middle Class!

01.28.2015 | Blog

The middle class’ options for homes are restricted to about 23 percent of what LA’s selling, according to the latest study out by Trulia. Los Angeles was the second least-affordable market surveyed, behind on San Francisco. (LA’s up from third in Trulia’s 2013 report.) Trulia calculated the range of affordability for the typical middle-class family by using the median household income for LA ($53,284, according to data from the American Communities Survey). When they factored in using 31 percent of that income toward a monthly house payment, they found that a median household could spend $276,000 or less on a house. No shocker, then, that so small a section of the market is open to them, with housing prices continuing their skyward trend and the available supply of lower-priced homes on the market dwindling. Keep on renting, middle class, or move to San Bernardino, where you can afford about 40 percent of what’s out there by Trulia’s numbers.