November 13, 2016
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People fleeing big coastal cities like L.A. and San Francisco in search of more affordable housing inland could be in for sticker shock. A new report released Tuesday reveals that inland, rural parts of California are increasingly unaffordable too. "That came as a big surprise because historically we have thought of the housing problem as being a focus in larger cities, but we found every city has this problem," said Jonathan Woetzel, director of the McKinsey Global Institute and a co-author of the study. Woetzel found it is nearly as expensive to live in Watsonville, a small farming community in Santa Cruz county, as it is in Los Angeles. Fifty-seven percent of households in the rural area of Santa Cruz-Watsonville are unable to afford the cost of housing. |
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