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The affordability crisis in Los Angeles often centers on renters struggling to make ends meet, but homeowners in the city are not immune to the pressures of rising expenses and stagnant wages.
A recent study by Consumer Affairs reveals that homeowners in Los Angeles rank as some of the most financially strained when it comes to housing expenses. The city ranks fourth among major U.S. cities for being “house poor.”
The term “house poor” refers to individuals or families who allocate a significant portion of their income to housing, leaving little for other necessities.