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Today in S.C.V. History September 26
1876 - California oil industry born as CSO No. 4 in Pico Canyon becomes state's first commercially productive oil well [story]
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27 Comments
And that’s exactly how they want it
Who is “they?”
? I’m tried of it
Had no problem buying our first house last year ??
How fortunate for you however, you are the exception
Because we don’t want anymore people???
Too expensive even to lease an apartment or house!
Want to buy a house in LA County? You need to earn at least $104,330 a year !
by Jeff Wattenhofer Los Angeles Times Nov 11, 2016, According to a new report from the California Association of Realtors, a homebuyer in this county needs a six figure salary at minimum to afford the monthly payments on a median-priced home. That midpoint price right now is $536,720, meaning a potential homebuyer needs to earn a minimum salary of $104,330. Taking into account the average of $2,610 in monthly mortgage costs, including taxes and insurance, the report finds only 26 percent of households countywide have the financial means to buy at that price.
In comparison, the average median price nationwide is $240,900, and the average mortgage payment is $1,170. The minimum salary needed to afford a home at that price is $46,830; 57 percent of U.s. households make at least that much.
Not to pile on, but LA’s affordability problem has only been getting more and more dire. As Joel Singer, chief executive at CAR, tells the Daily Breeze, “the dream of owning a home in California is evaporating.”
The CAR report showed a 69 percent increase over four years in the minimum income required to buy a home in the LA metropolitan area. In 2012, the minimum annual salary to afford a median priced home was $53,780, a whopping $37,310 less than the current minimum. -LATimes
That salary would have you living paycheck to paycheck with that mortgage. Not comfortably affording at all
Hence the original artical 8-)
I wonder if they are trying to make LA as unaffordable as The Bay Area.
Probably because it’s a hot spot in suburban so cal and so many people want to move here so they jack the prices up. For many it’s worth it.
Really?
But Building all these new homes will fix it
We WERE paying almost 2000/mo for a double master apartment in scv. Moved. Now pay $650/mo for a3 bed 2 bath house.
I’m so happy we got out of that town ?
Sad thing is most people here pay that much for rent and will never be able to save enough to buy a home.
Tyger Dane Rodriguez
Sandy Devis Holguin
Cole Beach
There’s a shocker!!
Ester Gatchalian
Jamie Shields ?
Chloe/Dayna/Candace….
How times have changed. Wife and I made the exodus up here from Burbank in ’01 because it was one of the better places for new buyers.
Susan Mechanic Hyman…your city is mentioned in this article!
Matthew Pallady ?
The reality is that it may be better to find your fortune elsewhere. It’s a big beautiful country.