Median Home Price In LA Will Soon Hit $1 Million

LOS ANGELES — The median home price in Los Angeles is on track to hit $1 million soon, according to recent reports, both citing numbers from Zillow.

The estimated median price for the metropolitan area as of late July came out to $992,300, The Guardian reported, noting the metric has increased by over 30 percent in the last five years. The median cost for a home in the LA housing market was $975,333 at the end of June, according to the Los Angeles Times.

Rising home prices are forcing rents up, feeding into the homelessness crisis of 50,000 Angelenos on the streets, according to The Guardian.

The million-dollar median is not uncommon in California and has already been surpassed by San Francisco, San Jose and Santa Cruz, among others, the Times reported, adding all 10 of the major metropolitan areas with the highest median list prices for June were in California.

UCLA urban planning and public policy professor Michael Lens told the Times that the way to fix rising home prices is to add more housing, but that, “We are not on a fast track to building the kind of housing necessary.”