America's 5 Least-Affordable Housing Markets
Fifth-least-affordable U.S. city: Los Angeles
The City of Angels is a real devil when it comes to housing affordability.
Interest.com found that while Los Angeles households enjoy above-average median incomes ($56,653), the metro area's high median home prices ($296,800) and property taxes ($3,985) eat all of that up and more. La-La Land's residents also pay a slightly above-average $922 in median homeowners' insurance premiums.Add it all up and a typical Los Angeles family makes 12.5% too little to qualify for a mortgage on a median-priced L.A. home. "Los Angeles just has much-higher-than-average home prices," Sante says. "Even though they have slightly higher median incomes, it's not enough to make up for that."
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