Some analysts see California’s rising cost of living as “state-wide gentrification”

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September 24, 2014

Zillow’s chief economist tells The New York Times that California is going through “gentrification on steroids” as home prices and rents are pushing away residents who make less than a six-figure salary.

A report from the National Low Income Housing Coalition estimated that a renter in Los Angeles County, for example, has to make at least $27 an hour to be able to afford a two-bedroom apartment. When it comes to purchasing a home, most affordable or distressed homes have been bought by banks and investors to turn into homes that would sell around $800,000, more than double the median home price in the U.S.

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