FACT: The Los Angeles area is the least affordable major housing market, with less than two percent of new and existing homes being affordable to those earning a median family income.
FACT: The median price of a home in Los Angeles County is $589,740; a median priced home in Ventura County is $710,910.
FACT: Only 23 percent of first time homebuyers are able to afford a median priced home in California
FACT: 40% of homeowners in Los Angeles County spend more than 30% of their income on housing and 1 in 6 are forced to dedicate 50% or more.
A Growing Need:
FACT: By 2010, the population of Los Angeles county is estimated to be 10,718,007
FACT: In 2003, according to the Ventura County Star, California homebuilders built the highest number of homes since 1989, with 191,866 housing starts reported for the year. Despite those numbers the State was still 40,000 units short of what was needed to keep pace with demand.
FACT: In Los Angeles, for every six new jobs created only one new home is built. According to the California Department of Finance a healthy balance would be one new home for every 1.5 new jobs.
FACT: It is projected that Los Angeles County will grow by two million new residents by 2030; Ventura County's population will increase by 20 percent, to nearly one million residents
FACT: Only 22% of California's population growth is a result of immigration (both foreign and interstate) with the other 78% being attributed to births by residents.
FACT: Between 1990 and 2000 Los Angeles County grew by 656,000 people, while in the same period, its housing stock increased by only 107,500 units.
FACT: Los Angeles is the most crowded metro area in the nation with 15% of working families living in crowded conditions, compared to 8% in New York and San Francisco.
FACT: Between 1990 and 2000, California's population grew by 20% while the number of housing units per person fell by 3%.
Working Families Locked-Out:
FACT: An income of more than $100,000 is needed to afford the median-priced house in Los Angeles.
FACT: A recent article in the Los Angeles Times read "Debbie Litzinger has been commuting from her home in Riverside to her job in Tustin for 5 years. She leaves at 6:45, arrives just before 8:30, and does not get home until after 7:00. By this time, her young son is already in bed, and her husband has had dinner. She and her dog dine alone."
FACT: Los Angeles County has one of the lowest homeownership rates in the country. Only 47 percent of its citizens own their own homes compared to the national average of 70 percent.
FACT: In 2000, California only produced 60% of the homes the state needed. If California had built the number of homes needed, $40 billion more would have been pumped into its economy.