A new study reveals that Los Angeles is one of five West Coast metropolitan areas with the most overvalued housing markets in the US. Mortgage payments in late 2024 could consume 60% or more of per capita income for homeowners in these cities, highlighting the growing affordability crisis. Experts warn that if mortgage rates don't decline, home prices will need to adjust.
Los Angeles is one of five West Coast metros atop the list of most overvalued housing markets in the US right now.to keep a roof over their heads, new data shows — with experts warning things can’t go on like this forever.found a number of major cities where mortgage payers in late 2024 could expect to be squeezed to the too damn high tune of 60% or more of the per capita income for the privilege.
As of November, that number has jumped to 36%. And don’t get too excited about things being less expensive than they were last year, with thingsFlorida is so last year — here is the new affordable hotspot people are moving to in 2024 To compile the list of worst offenders, the authors considered anything above the current national average of 36.3% to be “overvalued.”
Maui, wowie. Even before the 2023 fires that destroyed thousands of homes and displaced 12,000 residents, analysts explained, the Valley Isle had a serious housing shortage. The experts noted that for the non-local buyers, the house prices were probably relatively affordable. Now, median-earning homeowners are shouldering a larger burden than some of their counterparts near the coast, according to the study.
HOUSING MARKET AFFORDABILITY CRISIS MORTGAGE RATES HOME PRICES LOS ANGELES
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