Real Life and Real Estate in LA
Los Angeles city and county are home to more than 9.9 million people, but that's just a bit more than half of the population of Greater LA.
Los Angeles, Orange, Riverside, San Bernardino and Ventura counties form the vague region known as the Greater Los Angeles Area. All together they encompass more than 100 cities and a combined population of more than 18 million people.
And although most of them already live in owner-occupied homes, about 40 percent of them do not. That means there's about 7.2 million who have yet to realize the American Dream.
Will their pursuit of it be the same as those who have gone before, or will it be more difficult?
Some studies suggest that LA has the least affordable housing of any big city in the nation.
In June 2006 the California Association of Realtors reported the median price of a home in California at $575,800— LA County: $580,140; Riverside/San Bernardino: $400,390; Orange: $725,190; Ventura: $707,690.
The State Division of Housing Policy Development declared it was a housing crisis in February 2006 when it pointed out that an annual household income of more than $127,000 was necessary to qualify for a 30-year mortgage on a median-priced home in the state.
About 14 percent of households make the cut, and it's a good bet that most of them already own their homes.
The pursuit of the American Dream in Los Angeles is one of the reasons for this website and blog.
In addition to providing resources and observations in that regard, TJSullivanLA.com also seeks to provide resources for other writers, reporters and photographers.