Los Angeles Real Estate market is soaring due to record low interest rates and low inventory, while homelessness is on the rise.
The Los Angeles housing market is more competitive than ever due to first-time home buyers and records low interest rates. The average sale price of a home in Los Angeles was $750K last month, up 0.67% since last year. The average sale price per square foot in Los Angeles is $479, up 2.1% since last year.
Homelessness in Los Angeles is up 12.7% from last year and this number is predicted to increase. The unemployment rate in Los Angeles county was 14.9 percent in June 2020 and with the expiration of the stimulate package on July 31st, 2020, there is a prediction this will impact the rental market as well as the homelessness count.
Homelessness California is a big deal, the world’s 5th largest economy. There’s is an average of 94,700 Real Estate Brokers in California according to the FT Journal. If 50% of each active broker donated a portion of their earnings toward building a safe haven, what would homelessness in California look like?
We live in a world of duality, a world of extremes. In Los Angeles, one can find the world of skid row ” homeless community” just a few miles away from the world of Beverly Hills. Is it possible to bring the two extremes to a less misfortunate state? In a city like Los Angeles where resources are abundant yet scarcity runs rampant.
Photo courtesy of LA Times
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