Only 8% of Current Owners Could Afford Westside Home Now
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Fully 92% of current Westside homeowners couldn’t afford the monthly payments on their homes at current prices, according to a study by Price Waterhouse Real Estate Consulting Group.
The survey of 259,197 houses in 17 Westside communities showed that only 8% could afford to make the monthly payments if they bought the houses they live in.
Those in Playa del Rey were most likely to be able to afford their house, with 41.3% of the households surveyed able to make the monthly payment, while residents of Venice were least likely, with only 2.2% able to afford their current house, according to David A. Eisner, managing partner of the consulting arm of the accounting firm.
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