Southern California has eight of the nation’s 20 least-affordable cities for homebuyers.
You really don’t need “affordability” indexes to measure the preposterous expense of Southern California housing.
But set aside the statistical debate. Get over the fact that some cost-pressure measurement for your favorite town might be off. There’s little doubt that when local expenses are compared to any national yardstick, that Southern California’s premium is accurately exorbitant. This math – which assumes a 7.13% mortgage rate, a 20% downpayment and property taxes – shows Los Angeles was No. 1 for its lack of affordability. The theoretical LA buyer would spend 99% of their income – yes, basically all of it – on the estimated $6,512 house payment. That buys you a $1.1 million house while eating up almost all the income of $78,671.
San Diego had the third-largest gains nationally, up 8% overall in a year. That included price hikes of 5.8% for starter homes and 10.2% for luxury homes .Los Angeles County homes were 4.3% pricier overall – with gains of 4.6% for starter homes and 4% for luxury homes . Renting a three-bedroom house in Los Angeles County cost $3,607 a month in February. That was 76% pricier than the national benchmark of $2,052 and was the fourth-highest rent among the 20 cities tracked.Yes, it could be worse: San Francisco’s typical house renters pay $4,757 a month, or 132% above the nation. And No. 3 is Honolulu at $3,748 rent, 83% higher than the US.
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