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You are here: Home / Real Estate News / Every Single Part of Los Angeles is Unaffordable

Every Single Part of Los Angeles is Unaffordable

May 22, 2015 By Dan Leave a Comment

Dan Terry Real Estate Broker for Seattle WA

Assuming a person earning $15 an hour is also working 40 a week, which is rare for a minimum wage employee, and that they're not taking any days off (the City Council considered bundling paid days off with the wage hike, but scrapped the idea), they'd be earning $31,200 a year. An Economic Policy Institute study released in March found that a single, childless person living in Los Angeles has to make $34,324 a year just to live in decent conditions (and that was using data from 2013). A household with one parent and one kid would need to be bringing in $60,600, and it just goes up from there. A childless couple is the exception here: they only need to make $46,750 combined, which would be possible in our imaginary minimum wage scenario…(click below to read more)

Source: Every Single Part of Los Angeles is Unaffordable on $15/Hour – Unaffordable Housing – Curbed LA

Filed Under: Real Estate News Tagged With: Borrowers, Commercial Real Estate, Economy, Housing Market, Puget Sound Area, Seattle Times, Tough Market

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ABOUT ME

Daniel Terry is a licensed Broker and Investor with Jae Evans Real Estate in Bellevue, Washington. Daniel has over 18 years of experience in the real estate industry, including home purchases and sales, property leasing, and various real estate investment strategies such as flipping and wholesaling. Read More…

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