Is there any price that people won't pay to live in LA?

[SILVERLAKE]

Wow even in today's crappy economy, the price for an LA house is up almost 30% over last year versus 7% nationwide.

Even with the astronomical median home costs, LA metro population is increasing at the rate of 300,000 people a year and the city population is increasing between 50,000 to 70,000 a year. When will expensive be too expensive and bring the great migration of the last 5 decades to LA to a halt?

It doesn't help that Brooklyn based Adam Sandler, just bought a 7-br LA get away pad for 13,000,000.

[VansTripp]

Wow even in today's crappy economy, the price for an LA house is up almost 30% over last year versus 7% nationwide.

Even with the astronomical median home costs, LA metro population is increasing at the rate of 300,000 people a year and the city population is increasing between 50,000 to 70,000 a year. When will expensive be too expensive and bring the great migration of the last 5 decades to LA to a halt?

It doesn't help that Brooklyn based Adam Sandler, just bought a 7-br LA get away pad for 13,000,000.

lol yeah.

We are so tension that housing cost went higher and more higher than any decade. Maybe Real Estate in L.A. have bad economy but Business are pretty good. Housing price will going drop about around late 2000s or if have hot market that people can afford perfect home in L.A.

If not, People will never own home in L.A. anymore. Thats pretty sad.

We have been purchased $230,000 nice medium house in West Hills since 1994. Today, It was sooo skyrocketing to more than $400,000.

[LosAngelesSportsFan]

If there is demand for living here, then price wont matter to people. if they can afford it, they will move here. average people, on the other hand are hitting the wall now. Prices have become so rediculous in some parts of LA County that most families cant afford it and are moving to the fringes of the city and the county, and many neighborhoods in the city as well as around it are changing drastically to tend to the new crop of people moving in. Also, some cheaper neighborhoods will become better neighborhoods because of the new people moving in.

[SChristopher]

People there make more....

[savvysearch]

lol yeah.

We are so tension that housing cost went higher and more higher than any decade. Maybe Real Estate in L.A. have bad economy but Business are pretty good. Housing price will going drop about around late 2000s or if have hot market that people can afford perfect home in L.A.

If not, People will never own home in L.A. anymore. Thats pretty sad.

We have been purchased $230,000 nice medium house in West Hills since 1994. Today, It was sooo skyrocketing to more than $400,000.


The real estate bubble will burst. It always does. Just don't expect it to be anytime soon.

[craighand]

I don't think the migration is going to end anytime soon, but the percentage of people who own their own homes is probably going down if it keeps up like this.

[VansTripp]

I don't think the migration is going to end anytime soon, but the percentage of people who own their own homes is probably going down if it keeps up like this.

What is migration will be end means?

I supposed, Valley just projected for upper class family move in. It have been cheap to buy home in 1970s so there is no longer for low class family to buy this house. House in L.A just become more worth and high value.