Movin’ on out? High cost of living is top concern for Angelenos

UCLA survey finds for renters especially, leaving LA is a strong consideration

Los Angeles /
Apr.April 30, 2019 09:00 AM
The cost of living in LA has some considering a move

For Los Angeles County residents, it’s not the economy. The high cost of living — particularly housing — has become the top concern.

According to a new UCLA survey, L.A. County homeowners are generally happy with their healthcare, economy and the state of race relations, but are not at all pleased with the cost of living, according to the L.A. Times.

And amid L.A.’s affordable housing crisis, those escalating costs now weigh more heavily than they did three years ago. The survey, which scored satisfaction on a 100-point scale, found an eight-point drop in satisfaction from 2016 to 2019. UCLA surveyed 1,400 county residents.

Housing was a key contributor to those feelings ­— for the first time, a majority of respondents said that housing is the most important factor in overall satisfaction, the Times reported.

Multifamily property owners have benefited from high rent growth over the last several years, but those same rising prices have taken a toll on tenants. According to a recent report, L.A. has one of the highest percentages of rent-burdened households nationwide, which refers to tenants who pay more than 30 percent of their income on rent.

For the UCLA study, about 70 percent of respondents who rent said they or their close friends and relatives have thought about leaving L.A. for somewhere cheaper. That number dropped to about 57 percent when including homeowners as well.

While overall housing prices and rent growth have slowed across the country — the first quarter especially — that can be attributed in part because overall pricing was already at its upper limit, experts have said. [LAT]Dennis Lynch 


Related Articles

arrow_forward_ios
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)
Santa Monica mega-portfolio officially hits market
Santa Monica mega-portfolio officially hits market
Rendering of 1411 South Flower Street (Housing Diversity Corporation)
Micro-housing to rise in DTLA Opportunity Zone
Micro-housing to rise in DTLA Opportunity Zone
NMS Properties' Neil Shekhter and renderings of 1325 6th Street, 1437 6th Street, 1430 Lincoln Blvd. and 1318 Lincoln Blvd. in Santa Monica (Kevin Scanlon, WSC)
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
300 S. Santa Fe Ave. (Google Maps)
LA’s top 5 multifamily investment sales of 2020 fell 50%
LA’s top 5 multifamily investment sales of 2020 fell 50%
Landlords are organizing a protest around the lack of mortgage relief government policies and the inability to hit tenants with eviction notices.
What do we want? Mortgage relief!: Landlords plan LA protest
What do we want? Mortgage relief!: Landlords plan LA protest
Mike Bannon, California Apartment Association, executive director
Mom-and-pop resi landlords are already struggling
Mom-and-pop resi landlords are already struggling
An illustration of David Lee
A boomtown for a bygone era: Koreatown developers face a reckoning
A boomtown for a bygone era: Koreatown developers face a reckoning
Tani Cantil-Sakauye (Credit: Earl Gibson III/Getty Images)
Landlords sue California over eviction ban
Landlords sue California over eviction ban
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...