The LA Times reports that more than half of renters in Los Angeles are scared about their future financial stability in the city. On the other hand, only 60% of homeowners are also positive about their future financial stability in the city.
People who live in Los Angeles are having a hard time because of the rise in prices, especially for homes. A study from UCLA Luskin Public Affairs was used to talk about the problems that city renters have.
The report said that this year, people who answered the poll said their overall quality of life rating dropped to 53 on a scale of 10 to 100. It was tied for the lowest rate with the rating from during the pandemic, they said. When they looked at the cost of living, they said this had the worst score ever.
Zev Yaroslavsky, head of the Luskin School’s Los Angeles Initiative, said, “Even rich people feel like they’re being squeezed by the cost of living.”
There were a lot of negative responses to the poll. People didn’t think they’d be able to own a house in the city or be happy with their economic future. Also, renters are getting more and more worried that they might lose their homes and have to live on the streets.
Experts say that one of the biggest problems they see is that wages don’t change, but prices for things like rent and mortgages do. More than 100,000 families were behind on their rent as of August of last year, and that number is likely to go up. Additionally, LA has seen almost 50,000 evictions.
This report gave an idea of the problems renters are having right now, mainly in bigger towns where prices for housing and rent are too high for people to afford.
