‘Out of reach’: median home price in Los Angeles nears $1m

House prices have increased more than 30% in five years in the state’s largest city, which has at least 50,000 people living outside

The median price for a home in Los Angeles, California’s largest city, will soon hit $1m, as soaring housing costs fuel a humanitarian crisis that has left at least 50,000 people living on the streets.

In the past five years, the median listed home price in the Los Angeles area has increased more than 30%, according to estimates from the real estate company Zillow. As of late July, the median price for homes in the Los Angeles metropolitan area was estimated at $992,300.