Los Angeles – California is an expensive place – this we know.
That said, inflation and the current state of the economy are also not helping, pushing the cost of land and building materials higher than ever.
For people looking to buy a starter home, this isn’t the best news.
To estimate the impact of the latest price increases on affordability, the real estate website analyzed data on median star-a-home and median household incomes of renters.
They found that renters’ dreams of owning a home didn’t line up with the reality of most large homes. we housing market.
In these cities, workers earn less than 40% of what they need to cover their starter home’s monthly mortgage rate.
Lessee Los Angeles Data show that, on average, they earn close to $50,000, but the income needed to get a mortgage is close to $167,000. This means you are $117,369 short of what you need to buy an entry-level home.
it’s a little better long sandy beach In Auckland, the average worker income is over $50,000. The income needed to get a mortgage in these two cities is between $140,000 and $150,000, which is more than the income a prospective buyer in these cities would need to buy his first home. means $90,000 less.
The study also found that San Francisco costs more than all mid-level housing in the top 10 most affordable cities combined. Here, the average rental household income is her $100,715, but he needed $251,190 for a first-time buyer to comfortably cover his mortgage payments. This means San Francisco renters are $150,475 (or 60%) short of fulfilling their homeownership dreams.
Nationwide, the survey found only four large renters. we Cities earn over 100% of what they need to buy entry-level homes. Those cities are Detroit, Michigan. Tulsa, Oklahoma. Memphis, Tennessee. and Oklahoma City, Oklahoma.
To see the full study, Tap or click here.