California’s economy continues to shine brighter compared to the rest of the country’s, according to the latest UCLA Anderson Forecast released Thursday. Growth in the state is driven largely by the improving housing market. Home prices, of course, have risen dramatically, but the numbers of foreclosed homes have also fallen—a positive indicator of the health of the sector.
But home sales have been flat. Would-be buyers, frustrated by bidding wars and tight inventory, are being pushed into the rental market instead. KPCC’s business reporter Ben Bergman has been looking at the rent crisis in Southern California, where residents pay as much as 40% or more of their income on rent.
Ben Bergman, KPCC’s business reporter who’s been looking at rental prices in Southern California. His second piece in the series, “High Rent, Few Options,” airs today.
Adrian Glick Kudler, senior editor, CurbedLA, a Los Angeles neighborhood and real estate blog.