Los Angeles is the second least affordable place to live in the US, after San Francisco, according to a new middle-class housing affordability study from Trulia. The report, which used data from sale home listings on its site in August, notes LA residents are spending nearly 60% of average income on housing.
The trouble is the most expensive housing markets are getting even more costly, while middle-class wage growth has remained stagnant. The cost for a median-priced home escalated 5.2% in Los Angeles between June 2014 and 2015.
When factoring in commuting and utility costs, which are relatively low due to the region’s mild climate, the cost jumps to 74.5%. That leaves about 25% of a family’s income for everything else—groceries, clothing, car payments and insurance. [Trulia]
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