LA's Housing Crisis: 97% of Residents Priced Out of Homeownership Los Angeles is facing a severe housing affordability crisis, with only 2.8% of non-homeowner households able to afford a typical mortgage. This crisis is driven by high mortgage rates, extreme lack of housing supply, and soaring home prices. The median home price in LA has surged to $1,050,000, more than double the national median. Factors contributing to this crisis include strict zoning laws, high construction costs, limited land availability, and wage growth that hasn’t kept pace with housing costs or inflation. The situation is so dire that the household income needed to afford a median-priced house in California is $197,057, more than twice the average household income in the city. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts U.S. Labor Market Cools, Sparking Economic Concerns for Fed Officials READ MORE Gold Demand Hits Q2 Record Despite Consumer Pullback READ MORE Russia Leads BRICS in Doubling Down on Gold to Dethrone the Dollar READ MORE Wharton's Siegel Urges Fed to Slash Rates by 150 Basis Points READ MORE Record High Industrial Demand for Silver Anticipated in 2023 READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment