California has 18 of the 20 least affordable housing markets

“Los Angeles is the least-affordable housing market in the United States and 18 of the 20 least affordable housing markets are in California, according to a California Building Industry Association report released Thursday. Los Angeles County has the nation’s lowest rate of housing affordability with only 2 percent of homes sold during the fourth quarter considered affordable to the county’s median-income family. Nationally, 41.6 percent of homes are considered affordable and in 98 of the metro areas more than half of the homes are considered affordable… ‘Despite all of the doom and gloom about housing prices dropping, affordability has improved only slightly and only in some parts of the state,’ said CBIA chairman Wes Keusder, owner of Keusder Homes in Costa Mesa, in a release. ‘A one or two percent drop in price has little effect on affordability.’