We learn from today’s LA Times that California home prices have not only resumed their upward spiral, but they are now becoming more unaffordable than ever. In Los Angeles, it takes an income of $96,513.65 to buy a median home. Is that all? No. In San Diego, that figure is $101, 682.60 and in — ta, da! — San Francisco, it’s $146,361.06.
This is an unsustainable situation, and it’s only a question of time until we will see an exodus out of California to an extent the LA times will deem worthy of being openly discussed. See Andrew Khouri, Median L.A. Home Takes Ever-Higher Paycheck to Afford, L.A. Times, Dec. 3, 2014, at p. B2.