This browser does not support the Video element.
LA-OC home prices 10 times greater than incomes
Buying a home in Los Angeles and Orange counties costs 10 times more than what a typical family earns in a year, a new housing report shows.
LOS ANGELES - Buying a home in California doesn't come cheap, and some places are more expensive than others.
Take Los Angeles and Orange counties, for example.
In those two Southern California counties alone, the average home costs about 10 times the average income, according to a new report from Harvard University's Joint Center for Housing Studies.
But skyrocketing home prices aren't limited to those two counties only - even in more "reasonable" housing markets outside major metro areas, the home prices are way above the national average of homes, which is typically about five times larger than incomes, the report found.
SUGGESTED:
- These US cities now among world's most 'impossibly unaffordable,' report says
- Kirk Cameron leaves California 'for safety and security': report
- These 10 US cities have the worst housing shortages, Zillow report says
- Renters aren't moving: 1 in 6 live in same home for 10 years or more, report says
According to data, the Inland Empire's home prices are about six times larger than earnings.
To read the full study, tap or click here.