July 09, 2004

$140,000 for a two-bedroom house. In Watts. With millions of foreigners flooding into Southern California, the housing squeeze has made home ownership extremely difficult for low income Americans -- even with piles of tax dollars waiting at the ready to assist. Quotable: "Three decades ago, a California family earning about a quarter of the median income could afford a median-priced home. But today, a family would need to earn more than 160% of the median income to afford the same home."

Read the LA Times story here. Posted by Greg Ransom | TrackBack