America’s housing nightmare has a new epicenter – Los Angeles.
The City of Angels was ranked dead last among America’s 100 largest metropolitan areas for home affordability and homebuilding, earning an embarrassing “F” on Realtor.com’s national housing report card.
The numbers behind the failing grade are brutal.
The typical Los Angeles-area home is listed for $1,129,415, while the median household earns just $91,380 a year.
For a median earner trying to buy that typical home with a 10% down payment and a 6.5% 30-year mortgage, the monthly payment would consume a staggering 84.4% of their income, the research found.
That’s nearly three times the…
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