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L.A. ranks last in housing affordability

May 04, 2008|Chicago Tribune

A study by BizJournals.com, a group of business publications, ranked housing affordability in the nation's metropolitan areas, with terse advice for those seeking a financially manageable place to live: anywhere but California.

The study concluded that six of the seven most-expensive places for housing are in the Golden State.

The study compared median home payments, property taxes and household income in 50 metro areas. L.A. was the most expensive: The magazines estimated the monthly housing tab in L.A. amounts to about 75.5% of the median household income, with a median monthly mortgage-and-tax payment of $3,491.

Compare that to the most affordable metro, Oklahoma City. There, housing eats up just 19% of the median household income, the magazines said. The median monthly bill for mortgage and taxes is $667.

The complete rankings are at www.bizjournals.com; go to "Online Edition" and click "Special Reports."

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