Doug and I (and half of L.A.) wish that we could afford to purchase a home. Real estate is out of control, even in our neighborhood, and the recent price tags I have heard for homes in our neighborhood are $800,000 and $1.2 million. Our neighborhood is made up largely of these big, at one time majestic homes that are now subdivided into small rental units. What looks like a single family home often ends up being up to eight rental rooms. There are also many larger multi-plex properties like those next door and across the street from us.
I have heard some pretty fascinating statistics about housing in L.A. I don’t remember where I read it (L.A. Times, I think?), but a year ago a person had to be in the top ten percent of income earners to afford a home in Los Angeles. It will be a while (like never) before Doug and I will find ourselves in that position.
The most recent intriguing housing fact I read came from a fellow Covenanter’s blog. Don Johnson, a pastor up north in Santa Barbara, reports that because his community is facing median home prices of $1.2 million, there are plans in the works for a subsidized housing development for those earning below $177,000.
And I thought the WIC program had some generous income cutoffs.