According to an article this month in Bloomberg Business, Millennials in Los Angeles earn approximately $45,000 less per year than they would need to afford a median priced home in Los Angeles County. In fact, according to Bloomberg, the average Millennial in 13 different cities in the United States cannot afford to purchase a home.
The article raises interesting questions regarding the future of the housing market in Los Angeles. Currently, the real estate market in Los Angeles appears to be doing quiet well. We have seen an uptick in the type of lawsuits associated with co-owners wanting to cash in on their interest in real estate, including partition lawsuits, purchase and sale disputes, and attempts to quiet title to any encumbrances that can prevent a sale.
However, if Millennials cannot enter the housing market in a substantial way, there is the possibility for a significant increase in the pool of renters that are in the market and that will remain in the market indefinitely. In that case, we would expect to more landlord and tenant disputes, as renting becomes the norm.
As a firm that almost exclusively focuses on real estate litigation, we are always trying to stay up to date on the most recent market trends in order to help our clients achieve the best possible results in their real estate disputes. For more information or to inquire about a free consultation with one of our Los Angeles based real estate attorneys about how to best navigate your real estate dispute, please contact us at 310-954-1877 or email@example.com