In news that Angelenos already knew, Los Angeles is the worst metropolitan area in the country for first-time homebuyers, according to a new study. study released Monday confirmed that the City of Angels is hell for anyone looking to buy their first home for a number of reasons. The study ranked the 50 largest metro areas in the country based on affordability, employment factors, housing market tightness, safety, and wellness and culture — the all the factors Bankrate.
"While Los Angeles ranked 3rd best for wellness and culture, it ultimately came in as the worst metro-statistical area for first-time homebuyers due to ranking 49th in affordability, 48th in employment factors, 39th in housing market tightness, and 30th in safety," Bankrate said. The study noted that Los Angeles households headed by 25- to 44-year-olds have a median income of $80,643, according to the Census Bureau — barely more than the median income in Pittsburgh, which the study deemed to be the best metro area for a first-time homebuyer thanks to its affordability, large housing supply, and safety.
"The housing boom of the past two years has widened the affordability gap between low-priced and high-priced metro areas," Bankrate analyst Jeff Ostrowski said in a statement."But with remote work becoming the norm for white-collar employees, it's possible to keep the fatter paycheck while living in a cheaper area."
The rest of California's metro areas didn't fare much better in the study. Five of the 10 worst metro areas for first-time homebuyers were in the Golden State, including Riverside at No. 47, San Jose at No. 46, San Francisco at No. 43, and San Diego at No. 41. However, these same California metros at least ranked high for culture and wellness, with San Francisco coming at No. 1 in that category.Thanks for reading CBS NEWS.
It's an awesome place if you're looking to be outbid by random bajillionaires throwing down cash offers, though. Credit where credit is due.
Blue State Blues. Great job holding the politicians accountable. This is what happens with a biased media
Don’t rent in California, these landlords have lost there minds. HOA are also out of control, I just thought I would throw that part in
Depends, in some areas you can still buy foreclosures/fixer uppers and build it up, might not be the best areas of LA but for many it’s a start, it might seem like gentrification but if people can afford it …
If you live and work here it is better to purchase versus renting
Stupid story 🤦♂️ it’s only relative to your earnings. Also considering the prices consistently go up expensive as it seems it’s still an investment.
But people keep buying!
I hope we can Change this TaxtheRich more Help the Homeless veterans Please USA
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