Southern California’s two main metropolitan regions—Los Angeles and Orange counties and the Inland Empire— rank among the U.S. markets that most stretch the household budgets of both homeowners and renters.
Jonathan Lansner, of The Orange County (Calif.) Register reports on this what this longtime trend means for the region. He writes:
Among the 40 largest U.S. metro areas, census figures show L.A.-O.C. had the lowest home ownership rate, the most financially stressed owners, and the highest percentage of middle-aged households who were renters. The Inland Empire had the most people per rental unit, the highest share of single-family homes rented, and the second-highest level of financially stressed renters.
The problem has been three decades in the making. The region’s population and economic growth has outpaced local willingness to build more housing. For example, for every four jobs created in L.A.-O.C. and the Inland Empire from 2011 to 2014, only roughly one new housing unit was permitted.