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LA Real Estate: Too Expensive to Buy, Too Expensive to Rent
Which Way, L.A.?
Host: Warren Olney
Produced by: Mike Kessler, Evan George, Katie Cooper
Coalition for Economic Survival Executive Director Larry Gross appeared on KCRW's "Which Way LA?" hosted by Warren Olney on March 27, 2014.
As Southern California recovers from the Great Recession, the Middle Class is being priced out of the housing market. Increases in income aren't beginning to keep pace with the skyrocketing prices of homes — and that, in turn, makes it more expensive to rent. Are urban centers becoming enclaves for the wealthy while others flee to the suburbs?
If you're actively looking to buy a home in Southern California, you won't be surprised by this week's report by the real estate website Trulia. Los Angeles, Orange County and the Inland Empire are three of the country's five most overpriced housing markets. And here's the kicker: housing prices are soaring — but incomes are not keeping up.
Jed Kolko, Trulia, @JedKolko
Larry Gross, Coalition for Economic Survival, @la_ces
Richard Green, USC Lusk Center for Real Estate, @keynesianr