STUDIO CITY (CBSLA) — Los Angeles has become the least affordable housing market — beating out New York City and even San Francisco — according to HousingWire.com.
“I’m not surprised,” Yawar Charlie, director of the Estates Division at AKG, Compass Beverly Hills, said. “Areas that were affordable, now have been transformed. And if you look at the landscape of Los Angeles — think about all the things we have going on in the next 10 years — we’ve got a new football stadium, a new soccer stadium that was just built, lots of infrastructure changes happening downtown, and, oh, this little thing called the Olympics.”
According to HousingWire, an index that combined median income and median home prices made L.A. the worst in the country, and a number of younger residents said they were concerned they will never be able to afford a house.
“A lot of people, because of it, have turned to like moving out of state or just out of the area,” Paulina, a 25-year-old resident, said. “But if you look in Burbank-Glendale area or wherever, I know that’s an area I would love to be in because I grew up in that area, but that’s something that right now doesn’t look like a possibility anytime soon.”
Charlie said first-time home buyers need a strong strategy, one that sometimes does not mean being the highest bidder.
“There’s a lot of things you can do to make sure that your clients get in the door,” he said. “A lot of that is letters — connecting the buyer and the seller — give it a personal face, because when there’s that connection, it’s not just business. Real estate and homes are an emotional experience.”
Some cities in Orange County also made the list of least affordable, though San Francisco kept its second place ranking.