Homeownership rate in LA city hits 36% as home values are 12x median incomes: USC

While homeownership continues to decline in Los Angeles — and the average age of homeowners climbs — the few young people that do own homes are increasingly doing so without a mortgage. Examining homeowners under the age of 45, research from the USC Lusk Center for Real Estate found a 27 percent increase in people owning without a mortgage over the past decade. And homeowners without mortgages have lower average annual incomes than those with mortgages, about $163,000 versus $223,000. “This pattern suggests that younger households may increasingly be occupying inherited homes purchased and paid off by previous generations,” USC’s […]

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