I know Los Angeles is expensive, but I didn't know we rank #2!
LA has again ranked as the country’s second least affordable city for prospective homebuyers, according to a report published Monday by the website RealtyHop. The report states a family making the median income ($62,000) would have to spend over 80 percent of it on mortgage payments and property taxes.
New York, with a slightly higher median home price, ranked as even less affordable, with the average family there required to fork over 82.9 percent of income in order to buy a median-priced home.
L.A.’s median home listing price in August was $940,000. In June, when it was $955,000, the city ranked as the country’s least affordable, and New York ranked a narrow second.
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