(VitalNews.org) – According to the LA Times, more than half of the renters in Los Angeles are worried about their future economic stability in the city; only sixty percent of homeowners are optimistic about their economic future in the city as well.
The increase in inflation, especially when it comes to housing in Los Angeles, has put residents in a tough spot. A report was cited from UCLA Luskin Public Affairs where they discussed the struggles that renters in the city face.
“This year, the overall quality of life rating reported by survey respondents dropped to 53 on a scale of ten to one hundred,” said the report. They stated that this was the lowest rating in a tie with the rating from during the pandemic. They also said that this showed the lowest score ever when looking at the cost of living.
“Everybody feels they’re being squeezed by the cost of living, even affluent people,” said the director of the Luskin School’s Los Angeles Initiative, Zev Yaroslavsky.
The survey noted that many people were not optimistic about their economic future there and that they also never thought they’d be able to own a house in the city. On top of this, there has been growing concern from renters that they could end up losing their homes and becoming homeless.
Experts have said that a major problem they are seeing is that wages stay the same while rent and mortgages continue to rise with inflation. As of August last year, more than one hundred thousand households were behind on rent, a number that can be expected to grow. On top of this, LA has also seen nearly fifty thousand evictions.
This report gave a glimpse into the struggles that renters are facing now, especially in bigger cities where inflation is a glaring factor and mortgage and rent costs are too high to handle.
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