$127K income needed to afford a home in LA County, report says
LOS ANGELES -- New numbers are confirming what many of us know - buying a home in Los Angeles County is extremely difficult.
According to the California Association of Realtors, a minimum income of $127,200 is needed to afford a mortgage payment on a single-family home at the county's median home price of $649,570.
The association found the monthly payment would be $3,180.
The number is out of reach for most county residents as only 25% are able to afford it.
The figure was still an improvement from last year, when 22% were able to afford a home.
L.A. County's numbers reflect a high housing cost trend in the rest of California.
In San Francisco, the median price of a home is $1,580,000, which would require a $309,600 salary from a homeowner.
The association said housing affordability in California improved in 42 tracked counties, and declined in five counties from a year ago.
In Southern California, affordability did improve. L.A. and Orange counties tied for being the least affordable, while San Bernardino County was listed as the most affordable in the region.
