Export the poor!

The disgusting figure of the day is $55,050 which comes to us from The Los Angeles Business Journal via L.A. Observed. What’s the number? It’s the gap between what the median family makes, and what they would need to make to qualify for a loan for the median home price. What’s worse? The gap is actually larger than the median income. That’s right, the median family income in Los Angeles is $51,780 and you’d need to make $106,830 to qualify for a loan for $460,210 which is the median home price as of the end of 2004.

Yep.

Smoke ’em if you got ’em!

6 Replies to “Export the poor!”

  1. Not to say it isn’t very difficult for many people to qualify for a loan, but doesn’t that just mean that you need two incomes, i.e. two working adults? Nothing new if that’s the case.

  2. actually, needing two incomes for a house is something new. not for everyone, sure, but there was a time in this country when the majority of the middle class could afford a house on one income. you may have heard the phrase ‘two income trap’ being thrown around … it’s a trap because you need two incomes to afford a house, and if something goes wrong (sickness, unemployment, etc) you and your family are out a house.

    my bf & i are middle class professionals w/o children and we can’t afford a house (and we’re both driving 6+ year old jettas, so don’t look there … ). it’ll be 5-7 years before we have the money for a down payment, and you can guess what the cost will be then.

    i can’t imagine what it’s like to be un(der)educated and/or unskilled in this city …

  3. Hell, Caryn and I own several companies and we can’t afford one. I’m just keeping my fingers crossed for the next big earthquake hoping people will flee the city and prices will drop.

  4. Actually, median family income includes both two-income families and one-income families in the mix. The median family income in LA is $51,780.

    I guess if we went all Utah and allowed more spouses, the family income might rise to equal the cost of housing. But then the houses would have to have more bedrooms.

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