Europe has always had this problem, housing for the vast majority in urban areas is rental. Now this problem is creeping into Los Angeles. The Boy in the Big Housing Bubble has an excellent post on this subject with graphs. An excerpt:
Los Angeles continues to be unaffordable, and the politicians continue to do nothing about it. The latest grim figures from the California Association of Realtors indicate that as of November 2005 only 11 percent of households in Los Angeles could afford to purchase a median-priced home.
Read the rest at The Boy in the Big Housing Bubble.
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Real estate prices all over the west coast have gone mad, but prices are mad everywhere. If you want to see just how crazy things have become, then take a look at
http://www.geocities.com/housingcrash2006/index.html
the site contains some interesting charts for about 40 US cities. Each one looks at long term real estate price trends. In most cities, things look pretty normal until 1999, then prices jump off the page. Unfortunately, each picture comes with some stupid commentary. However, look at the charts, ignore the blog.
Dave B.
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