"In L.A., the median home list price is $1.18 million, nearly 13 times the typical household income of $91,380, making affordability a struggle for many residents."
"Roughly 1 in 4 buyers in L.A. County paid in cash this spring, the highest share in more than a decade according to Hannah Jones, a senior economic research analyst."
In Los Angeles, the luxury home market is thriving as one in four buyers paid in cash this spring, the highest share in over a decade. The median home list price is $1.18 million, significantly affecting affordability. However, ultraluxury homes, priced at $20 million or more, are being purchased by wealthy individuals including celebrities and foreigners. Paris Hilton's recent purchase of a $63.1 million estate exemplifies this trend, despite the introduction of a mansion tax aimed at supporting homelessness prevention and affordable housing initiatives.
Read at SFGATE
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