If you’re lucky enough to buy a home in Southern California, know that it would be far less expensive anywhere else in the United States, according to the newly released information from the California Legislative Analyst’s Office (LOA). And it’s getting worse.
A lack of housing inventory statewide is helping to prop up the high prices. This overwhelmingly impacts families with low incomes who cannot afford to buy, even when housing is available. Unsurprisingly, the percentage of first-time homebuyers in L.A. County dropped by 54% between 2014 and 2024, from 50% to 23%.
There is a ripple effect of the high housing costs, forcing families to allocate more of their income to keeping a roof over their heads, meaning they may not be able to afford healthcare and sufficient food…