In terms of least affordable housing that is. Yes, my fellow Los Angelenos, according to Forbes, we have finally surpassed San Francisco (and San Diego and New York and Miami …) as far as ridiculous real estate prices go (home prices compared to earnings). Only 3% of houses sold at the beginning of 2007 were affordable to people earning the median salary (as compared to 42.3% in 2001). [Hat tip to Curbed LA for the link.]
I personally work for a nonprofit and the thought of trying to buy something in this bloated market is nothing short of laughable. To make matters even more depressing Forbes further informs me that I would have to make seven times my current income to “live well” in LA. Sadly, when I hit the link to find out what cities could offer me the good life, the answer is, well, none. I guess I’ll just have to wait for the next big one to buy.
(Photo courtesy of NoiseCollusion/ Matthew Robinson.)