"Los Angeles, Long Beach and San Diego are among the world's least affordable cities for homebuyers, a recent report says. When the price of a regular home is compared to regular local salaries, Los Angeles, Long Beach, San Diego and San José were among the five least affordable cities in the world, according to a survey from financial services provider Remitly conducted late last year."
"In Los Angeles, a single buyer earning the local average salary could afford a home worth only 28% of the average property in the region, according to the survey. Residents of San José can afford to buy a home worth only about a quarter of the average. "This could mean they would have to stretch themselves financially, often finding larger down payments or asking for financial help from family to be able to make their dream of owning a home a reality," the report said."
Los Angeles, Long Beach, San Diego, and San José rank among the world's least affordable cities when comparing home prices to local incomes. A single buyer in Los Angeles earning the average salary can afford only 28% of a typical home's purchase price, and San José residents can afford about a quarter. San Francisco and Oakland also appear among the 20 least affordable cities. Limited housing construction, strong job markets, and regional amenities have pushed Southern California prices to historic extremes. The average California home price reached $755,000 as of December, roughly twice the midtier U.S. level. Analysis compared property prices, pre-tax average salaries, mortgage interest rates, and typical down payments.
Read at Los Angeles Times
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