1 vacancy rates, 2 median rent, 3 median sales price, and 4 housing affordability
Housing is at the “top of the hierarchy of human material needs . . . and is central to people’s ability to meet basic needs.”128 Inadequate housing can affect health status, disrupt social relations, and hamper an individual’s ability to participate in the larger society. Affordable housing is out of reach for too many families, and too many low- and middle-income households are spending too much for their homes.
—Elise Buik, President & CEO, United Way of Greater Los Angeles
Los Angeles has the second highest percentage of working households with a severe housing cost burden in the U.S.
Economists predict that a younger population will stimulate more demand for urban multifamily rental units and less demand for suburban single-family homes.
A significant number of Angelenos spend large sums of their income on expensive housing. This depletes financial resources that households need to afford other necessities. For some families, this erases the option of sending their child to a private school that may outperform the public school system. For others, it means curtailing their use of personal vehicles in a car-dominated region, potentially restricting mobility and access to jobs.
Housing in 2050 is also predicted to “significantly hinder human development.” This analysis is based on the substantial affordability gap that still confronts the region. Without a drastic increase in average household incomes and without significant growth in the number of housing units that are affordable to low- and middle-income earners, Los Angeles in 2050 will remain a place where housing isn’t available to young wager-earners, families, seniors and much of the middle class.