Worries over high housing costs have Los Angeles residents contemplating leaving the city, according to a survey from the Los Angeles Business Council.
The survey of the city’s 600 voters conducted in early April asked residents about the cost of housing and their reaction to it. Thirty-five percent said they had given serious consideration to moving out of the city and another 25 percent said they had given it some consideration. Eighty-seven percent said housing affordability was a serious problem in the city.
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Newsweek contacted via email Los Angeles Business Council for comment via email on Monday.
Homes in front of the downtown skyline on August 30, 2023, in Los Angeles, California. Some residents in the city complain that housing costs are too high and have contemplated leaving the state, according to a survey.
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The Context
The Los Angeles housing market has seen home values rise substantially over the last few years. A typical home is valued at close to a $1 million, more than 6 percent higher than a year ago. In 2019, the typical home value was nearly $700,000, according to data from Zillow.
When looking at the rental market, there appears to be some relief, Zillow shows, with a decrease of $255 per month in May 2024 from the same time a year ago to median rent of $2,795. But that’s 32 percent higher than the national median of a little more than $2,100.
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When polled on what percentage of their total household monthly income they spend on rent or mortgage payment, 35 percent said they spent more than more than 40 percent, with one-fifth saying they spent 50 percent on rent or mortgage.
The poll also showed how voters are conflicted about how the city can go about improving housing affordability. While more than 60 percent said the city should increase the number of new housing units, about 49 percent worry that building new properties in their neighborhoods “will drive up the cost of housing and push residents out.”
Views
The high housing costs had some voters willing to leave Los Angeles.
“I’m leaving the state just because I can’t afford to retire in California. And that’s sad that I’ve lived here for 60 years and having to move out of state to be able to retire,” a voter said as part of the survey.
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Another voter said that they spend about 30 percent to 40 percent of their earnings on rent and lamented the high home prices.
“For me, the values of the cost of the houses aren’t worth it,” they said, adding that their mother’s home was worth $500,000. “It’s a very nice house, but here a $500,000 house, you live in the slums.”
Another renter told the pollsters that they paid “decent” rent but had given up on owning a home.
“Half the houses were being sold for cash, who’s got that kind of money? It’s usually not working people have that kind of money around,” they said.
What’s Next
Los Angeles Mayor Karen Bass wants to make permanent what’s called Executive Directive 1 (ED 1) which aims to help provide affordable housing in the city. The proposal has the support of 69 percent of voters.
“Expanding ED 1 will provide relief for everyone from the unhoused to middle-class Angelenos, who are the backbone of the city’s economy and key to its future vitality,” said Mary Leslie, LA Business Council president.
Newsweek contacted the mayor’s office for comment via email on Monday.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
