You need to make more than $220,000 a year now to afford a house in Los Angeles, thanks to rising mortgage rates and inflation.
The annual income needed to buy a home in Los Angeles skyrocketed past $220,000, a recent study found, with higher mortgage rates and inflation cutting deeper into household incomes.
According to the residential real estate firm Redfin, the yearly salary needed now to buy a median-priced home in the city and comfortably make the mortgage payment is now $221,592, up nearly 41% from last year.most overcrowdedAcross the U.S., home buyers need to earn $107,281 a year, or 45.
“High rates are making buyers rethink their priorities, as many of them can no longer afford the home they want in the location they want,” said Chelsea Traylor, a Redfin agent. In 93 metro areas analyzed by Redfin, the agency found all of them needed at least a 30% salary increase to buy a median-priced home. Prospective home buyers in at least half those areas needed to make a minimum of $100,000 a year.
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