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Old 03-01-2012, 09:38 PM
 
17 posts, read 27,857 times
Reputation: 17

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Seems cost of living is so high now but income is so low. What makes the rent / real estate price quadruple but income lowers? Usually the theory of supply and demand would say people make less money so less rent. I would think maybe there is a high demand but seeing so many for rent signs up makes me thinks different. An apartment I woulebhave rented for $500 15 years ago now cost $1500.
What's making the cost of housing so high?
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Old 03-01-2012, 09:49 PM
 
Location: SoCal, Idaho
3,162 posts, read 8,321,908 times
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-Insane desire for people in other states to live here.
-Great climate in a relatively landlocked desert.
-10 million people living in LA county.
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Old 03-01-2012, 09:56 PM
 
21 posts, read 17,895 times
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Basic supply and demand....Economics 101.

Quote:
Originally Posted by 1200RT View Post
-Insane desire for people in other states to live here.
-Great climate in a relatively landlocked desert.
-10 million people living in LA county.
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Old 03-01-2012, 10:56 PM
 
4,028 posts, read 8,299,064 times
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Why do you believe income is "so low".

Median household income for LA County is around $50k.
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Old 03-01-2012, 11:13 PM
 
Location: SoCal, Idaho
3,162 posts, read 8,321,908 times
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Quote:
Originally Posted by JohnG72 View Post
Why do you believe income is "so low".

Median household income for LA County is around $50k.
$50k for household in LA county is poverty, imo. Hell, $50k for a single person is rough, but doable.
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Old 03-01-2012, 11:32 PM
 
Location: Los Angeles, CA
215 posts, read 406,754 times
Reputation: 235
Yes 50k for one household is low in this area, but the average takes in all people. There are a lot of outliers, including people making nothing and single person households. 50k is a very high median household income, take a look at other cities in other states you will see what I mean.
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Old 03-02-2012, 01:49 AM
 
Location: In bed with Madonna
475 posts, read 379,803 times
Reputation: 408
- Weather
- The ammount of stuff you can do around the city
- Diversity of people
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Old 03-02-2012, 04:11 AM
 
Location: Los Angeles, CA
1,045 posts, read 1,542,473 times
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Total Non-Farm Employment in LA County:
1990: 4,135,700 jobs
2011: 3,785,400 jobs

Population in LA County:
1990: 8.8 million
2011: 9.9 million

Our job base has withered while the population base has increased. Good situation if you are a landlord, not so good if you are a renter.

Also, many of the jobs circa 1990 were good paying aerospace jobs including many blue collar jobs making aircraft. Those positions left when the Cold War ended and they will never come back.
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Old 03-02-2012, 06:33 AM
 
Location: SoCal
1,506 posts, read 3,168,837 times
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Quote:
Originally Posted by hockfan86 View Post
Yes 50k for one household is low in this area, but the average takes in all people. There are a lot of outliers, including people making nothing and single person households. 50k is a very high median household income, take a look at other cities in other states you will see what I mean.
Making 50k for a family of 4-5 is poverty..
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Old 03-02-2012, 06:50 AM
 
Location: Sherman Oaks, CA
6,203 posts, read 15,012,809 times
Reputation: 7951
Unfortunately, rents can be raised to "whatever the market will bear", which of course, means how much people can afford to pay. The problem is that we all need somewhere to live, which is why you see two and three families all living in one house. I've never understood how anyone can say, "Oh, but they're used to living like that." If they're used to it, it's because they've never been able to afford anything better.

And I agree that the higher wage jobs, like aerospace, have disappeared forever. This leaves a lot of low wage jobs (Target or Wal Mart, anyone?), leading to a lot of roommate situations, etc. and overcrowding.
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