LA Housing Crisis Drives 60% of Residents to Consider Fleeing the City

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Los Angeles: Where Dreams Falter in the Face of Housing Expenses

A City on the Precipice

Los Angeles, once renowned for its allure, is now grappling with a startling revelation: a mass exodus of its residents, driven by the city’s skyrocketing housing costs. A groundbreaking poll, the 2024 LABC Institute Housing Affordability Survey, conducted in partnership with the Los Angeles Times, has shed light on the grim reality facing Angelenos.

An Overwhelming Burden: Housing Unaffordability

According to the poll, a staggering 60% of Los Angeles residents have contemplated leaving the city, with 35% actively considering relocation. The overwhelming factor pushing them towards this difficult decision? Housing expenses.

  • Renters and individuals under 35 are particularly vulnerable, with close to three-quarters considering a move due to housing costs.
  • Homeowners are somewhat less affected, with 37% considering leaving, while only 26% of seniors aged 65 or older share the same sentiment.

Angelenos Unanimous: Housing Crisis a Major Concern

The poll’s findings extend beyond the mere consideration of leaving. An overwhelming 87% of respondents identified housing affordability as a serious concern, with homelessness and traffic congestion also ranking high among their worries.

The Stark Reality: Unattainable Dreams

A study by Zillow painted an eye-opening picture of the financial barriers faced by Angelenos. According to their findings, a resident would need an annual income of nearly 7,000 to comfortably afford housing in Los Angeles. This stands in stark contrast to the city’s median income of ,244, as reported by the U.S. Census Bureau.

The California Exodus: A Continuing Trend

Los Angeles’s housing crisis is not an isolated problem; it mirrors a statewide trend that has seen a record number of Californians seek greener pastures outside their home state.

  • In 2021, a staggering number of Californians flocked to Texas, lured by lower housing costs and a more favorable tax structure.
  • The exodus continued in 2022, with more than 817,000 people leaving the Golden State for greener pastures.

A State Torn: Inflows and Outflows

While some Californians are abandoning their home state, others continue to migrate in.

  • In 2022, over 13,000 former New Jersey residents made the move to California, along with residents from Illinois and Nebraska.
  • Most recently, Governor Gavin Newsom announced that California’s population continues to increase, with 67,000 new residents arriving in 2023.

The Challenge Ahead: Balancing Growth and Affordability

California’s population currently stands at 39.1 million, a testament to the state’s ongoing allure. However, the stark reality of housing affordability cannot be ignored. The 2024 LABC Institute Housing Affordability Survey has sounded the alarm, highlighting the urgent need for the city of Los Angeles, and indeed the state of California, to address the economic divide that threatens to dismantle communities and erode the dreams of its residents.

Data sourced from: ktla.com