It’s no secret that residential real estate is expensive in L.A., where rental rates in prime areas have been soaring and the cost of homeownership continues to climb.
From May 2019 to May 2020, the price of homes in the L.A. market increased 4.4%, according to data from CoreLogic. Rent, meanwhile, has increased 65% over the last decade, according to a study by listing service RentCafe.
That pricey reality has led some buyers to follow innovative paths to homeownership, including a vehicle known as the tenancy in common, or TIC.
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