- 82d 4h 38m
Are the people who own these homes all landlords? Where do the gangbangers and welfare queens who live in Compton coming up with $600k purchase prices?
Most of the time you are looking at generational homes, meaning the family has been living in those homes for decades, it's being passed down from grandparents, to parents, to children. They may have bought the home 60 years ago for $30,000, but now of course it's too expensive to live anywhere else, and even if they sold the home they can't afford to move anywhere else in LA, they would have to leave the state (which many are doing).
[EDIT] I will add that's not entirely true about not being able to afford LA. Funny story - after 2008 when housing prices started coming up, homes in Compton were about 400k to 500k. A lot of them sold back then and moved to Antelope Valley, which is an insufferable shithole in the middle of the high desert. Homes in AV were going for about 200k for a 2000 sq. ft. home at the time. What happened is when the gangbangers moved out of Compton to AV, they brought the violence with them. Gang violence in AV is at an all time high, all the schools went to shit, etc. You would never really want to live in AV, but now you REALLY don't want to.