Housing Outlook for the Rest of 2020The average home price in Los Angeles County for the first 5 months in 2020 was $472,565 which is an increase of 13.5% percent compared to the average home
Dec 2 2019 38376 1
Dated: 12/02/2019
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Housing Crisis Grows Even More Urgent
Housing affordability worsened in 2019. Only 30% of California households are able to afford the median priced home compared to a majority of 57% in the rest of the U.S. As a result, California currently has the third lowest homeownership rate in the nation and the second highest percentage of cost-burdened households where spending is at least 35% of their income on rent.
An average home in California now costs over $600,000, more than double the national average. 53% of Californians and 63% of millennials say they are considering leaving the state over high housing costs. In response, the state has made efforts to bolster California’s housing supply with the government threatening to fine cities up to $600,000 per month for failing to build more homes to meet population needs. In an unprecedented move, the state sued Huntington Beach this year alleging the city was standing in the way of affordable housing needs. Governor Gavin Newsom threatened additional lawsuits at other cities that fail to meet their quotas. Personally, I think this is wrong to take one of the most prestigious cities in the County and expect them to make affordable housing. Why not choose a city with affordable land values?
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Based on information from California Regional Multiple Listing Service, Inc. as of August 6, 2020 4:24 AM. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
