Four Southern California cities rank among the world’s least affordable places to buy a home, according to a recent survey by financial services provider Remitly.
Los Angeles, Long Beach, San Diego, and San José were identified among the five least affordable cities globally when comparing home prices to local incomes. The analysis shows these California cities are even less affordable than international metropolises like New York, Paris, and Singapore.
In Los Angeles, a single buyer earning the average local salary can afford a property worth only 28% of the average home price in the region, according to the Los Angeles Times. The situation is even worse in San José, where residents can afford only about a quarter of the average home price…