Eight Of The Nation's Least Affordable Cities Are In SoCal: Report

By KCAL News, CBS Los Angeles

May 29, 2024

Though it's no secret that the Golden State is one of the priciest places to live in the United States, a new report shows that eight of the nation's twenty "least affordable cities" are found in Southern California.

RealtyHop's Housing Affordability Index shows what the average American would need to earn to afford a home in their respective city as well as how much they would have to pay to maintain that ownership. California leads the way with three cities ranked in the top five.

Los Angeles tops the list because of it's average listing price ($1.1 million) and the share of the area's average income ($78,671) that would need to be spent on home ownership (99.33%). The report estimates that the monthly cost of mortgage and tax payments would be a whopping $6,512.26.

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