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Home Communities Housing Prices Go Higher: Los Angeles Is Now The Least Affordable Housing Market In U.S.

Housing Prices Go Higher: Los Angeles Is Now The Least Affordable Housing Market In U.S.

Housing Prices Go Higher: Los Angeles Is Now The Least Affordable Housing Market In U.S.
Houses

For the past two years, the least affordable housing market has been San Francisco, with a median home price of $908,750.

The National Association of Realtors said that California, in general, is the least affordable place to live in the U.S., citing high home prices.

Now, the National Association of Home Builders and Wells Fargo Housing Opportunity Index has given the title of least affordable housing market to Los Angeles. In Los Angeles-Long Beach-Glendale, California, only 11.3% of homes sold during the fourth quarter of 2019 were affordable to families earning the area’s median income of $73,100.

Because of this, Zillow says that home shoppers are leaving Los Angeles for cheaper metros, the most popular being Las Vegas.

The housing price is slated to increase in Los Angeles if the new Proposition 13 passes in March.

Unlike the old Prop. 13, which capped property tax valuations, this new Prop. 13 would raise those caps from 1.25 percent of assessed property value to 2 percent for elementary-school and high-school districts and from 2.5 percent to 4 percent for unified school districts and community college districts. These local bonds lead to direct and significant property-tax increases.

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