If you’re a renter in California concerned about the high cost of living here, or looking to purchase your first home, your prospects aren’t looking up.
Projections show rents will continue to surge, especially for low- and middle-income people in places like San Francisco, Los Angeles and Sacramento, and home prices will become increasingly expensive, according to an economic analysis in the Anderson Forecast from the University of California, Los Angeles, released this month.
“It was already bad before, but it’s getting worse,” said David Shulman, a senior economist for the Anderson Forecast. “California is still attracting high-income people, who are creating an enormous amount of wealth, but low and middle-income people like teachers are leaving because housing has become extraordinarily expensive.”
Six out of the seven least affordable metropolitan areas across the U.S. are in California. They are Los Angeles, San Francisco, San Jose, San Diego, Riverside and Sacramento.
