Los Angeles – The land of the wealthy

https://la.curbed.com/2017/5/16/15647780/la-home-prices-median-income-affordable

 

According to the data, just 29 percent of potential homebuyers can afford a property at county’s median price of $485,800. At that price point, a nearly six-figure household income—$99,830—is required to comfortably afford the $2,500 per month payments that would accompany the purchase.

Hmm, if you want to live in an area where you are less likely to get shot and or have your fence tagged you’ll need to spend almost double that amount.   And if you want to live in a nice home in El Segundo where the average sales price is $1.3 mil, you need to make around around $270k

“According to the Census Bureau, 3,708,000 individuals earned more than $200,000 a year in 2014. That is 1.5% of the population over the age of fifteen.”

Yes, the average is skewed to the other 97% of the country where a family can live comfortably on $75k but think about that 1.5% number. So many of our friends are living paycheck to paycheck just to call Southern California our home.

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