Los Angeles is often at the center of discussions about affordability crises, typically focusing on renters grappling with soaring costs. However, homeowners in the city are also finding themselves squeezed by escalating expenses and stagnant wages.
A recent study conducted by Consumer Affairs reveals a disconcerting reality: Los Angeles homeowners rank as the fourth most “house poor” in the United States among major urban areas. This term, “house poor,” describes individuals who allocate a significant portion of their income towards housing, leaving them with minimal resources for other necessities.
The analysis highlights that the average household in Los Angeles brings in approximately $10,855 each month. Despite this seemingly robust income, over $3,500 is consumed by housing-related expenses, accounting for about 32.5% of their monthly earnings.
