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In California, where the average home price is roughly two-and-a-half times the national average, buying your first home is more than a little daunting.
Just ask Michael Soussa. The 31-year-old, who works in engineering sales, grimaced his way through an open house in Eagle Rock. The three-bedroom house had all the hallmarks of an on-trend flip: dark hardwood, Edison bulb light fixtures, subway tile in the kitchen.
But the $649,000 price tag — $549 per square foot — was “ridiculous,” he said.
"For a single guy, 31, who makes good money, it's very difficult to buy a home," Soussa said.
With home prices in much of L.A. at pre-recession levels, or exceeding them, first-time buyers are struggling to break into the market.
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As a result, businesses are increasingly struggling to recruit from out of state; a larger share of people are enduring one-way commutes of more than 90 minutes; and more people are leaving California than moving here from elsewhere in the U.S.
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A USC/Los Angeles Business Council survey of major L.A.-area companies last year found 10 of the 14 that responded said the cost of housing is a challenge for retaining employees, with most reporting they lost workers because of high housing prices.
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It is not that demonrats/liberals have increased the price of homes so much in Liberat areas that not a lot of people can afford them... BTW, it is not capitalism that is doing that. What you want "socialism" will make it even worse. Instead of having a small percentage living like this you would have the large majority living similarly...