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Homeownership Becoming ‘Out of Reach’ for Most Angelenos, Manville Says

The median price of a home in Los Angeles is expected to soon hit $1 million, and UCLA Luskin’s Michael Manville recently told the Guardian that “homeownership for many people is now out of reach.” The professor of urban planning noted that most homebuyers do not have $400,000 for a typical 40% down payment, nor $4,000 a month to put toward mortgage payments. “The million-dollar home price is like the tip of a big iceberg” because soaring home prices also impact the cost of rental homes and apartments, contributing to the ongoing homelessness crisis in California, he explained. Manville also spoke to Bloomberg News about one approach to tackling the affordable housing crisis: building more duplexes, triplexes and similar “middle housing” options. Decades ago, when there was a lot more empty land, large areas were zoned for single-family homes. “There was always the next valley to go to,” Manville said. “Now, that’s much harder.”


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