Zillow’s chief economist tells The New York Times that California is going through “gentrification on steroids” as home prices and rents are pushing away residents who make less than a six-figure salary.
A report from the National Low Income Housing Coalition estimated that a renter in Los Angeles County, for example, has to make at least $27 an hour to be able to afford a two-bedroom apartment. When it comes to purchasing a home, most affordable or distressed homes have been bought by banks and investors to turn into homes that would sell around $800,000, more than double the median home price in the U.S.
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