Los Angeles Has Become The Nation’s Least Affordable Housing Market


SUZIE: IT’S OFFICIAL L.A. IS THE LEAST AFFORDABLE CITY IN THE ENTIRE COUNTRY TO BUY A HOME. NEW NUMBERS TONIGHT PROVED THAT MOST OF US ARE READY NO. THE AMERICAN DREAM IS OUT OF REACH FOR MOST PEOPLE IN L.A.. THAT REPORTS FROM THE NATIONAL ASSOCIATION OF REALTORS AND IT SHOWS L.A. HAS NOW REPLACED SAN FRANCISCO IS THE LEAST AFFORDABLE CITY. KCAL 9’S TOM WAIT IS LIVE IN STUDIO CITY WITH A LOOK AT THE NUMBERS. REPORTER: HI JEFF AND SUZIE. WE SPOKE WITH YOUNG PEOPLE WHO SAY THEY ARE AFRAID THEY WILL NEVER BE ABLE TO BUY A HOUSE ISN’T THE SOARING PRICES AND SOME SAY THEY ARE FORCED TO MOVE AWAY. HOME PRICES IN SOUTHERN CALIFORNIA CONTINUED TO SOAR ACCORDING TO HOUSING WIRE.COM. LOS ANGELES IS THE LEAST AFFORDABLE HOUSING MARKET BEATING OUT NEW YORK CITY AND SAN FRANCISCO. HE IS THE DIRECTOR OF THE STATE’S DIVISION AT A CAGEY COMPASS BEVERLY HILLS. HISPANIC AFFORDABLE HAVE BEEN TRANSFORMED AND IF YOU LOOK AT LANDSCAPE OF LOS ANGELES THINK ABOUT ALL THE THINGS WE HAVE GOING ON IN THE NEXT 10 YEARS WOULD BE AT THE NEWS BUT I’LL SEE THEM IN A NEW SOCK OR STADIUM AND POSITIVE INFRASTRUCTURE CHANGES AND THIS LITTLE THING CALLED THE OLYMPICS. REPORTER: AND INDEX THE COMBINED MEDIAN INCOME AND HOME PRICES MADE L.A. THE WORST IN THE COUNTRY. TALKING TO YOUNG FOLKS LIKE 20 FEDERAL POLLING AND THERE’S CONCERNED THEY WILL NEVER BE ABLE TO AFFORD A HOUSE. IF YOU LOOK AT BURBANK IT’S A MYRIAD LOOK TO BE IN BUT IT’S SOMETHING THAT DOESN’T LOOK LIKE A POSSIBILITY ANYTIME SOON. THE IDEAS THERE AND HOPEFULLY ONE DAY WE GET TO THE POINT IN OUR LIVES WHERE WE ARE ABLE TO AFFORD A HOUSE BUT IT SEEMS FAR FROM NOW. REPORTER: FIRST-TIME HOMEBUYERS NEED A STRONG STRATEGY SOMETIMES THAT DOESN’T EVEN MEAN THE HIGHEST BIDDER. THERE A LOT OF THINGS YOU CAN DO TO MAKE SURE YOUR CLIENTS GET IN THE DOOR. A LOT OF THAT IS A LETTER CONNECTING THE BUYER AND THE SELLER. GET A PERSONAL FACE BECAUSE WHEN THERE’S A PERSONAL CONNECTION ISN’T JUST BUSINESS ANY MORE. REAL ESTATE AND HOMES ARE AN EMOTIONAL EXPERIENCE. SOME CITIES IN ORANGE COUNTY MADE THE LIST OF LEAST AFFORDABLE LIKE IRVINE AND SAN FRANCISCO IS NUMBER TWO ON THE LIST.