House prices in L.A. forest fires range from 1.9 billion won to 5 billion won...the rent will skyrocket

Analysts say a major wildfire in Los Angeles, the largest city in the western United States, will significantly hurt not only residents who lost their homes in the fire, but also the entire region.

The New York Times reported that the average home price in the Richon Pacific Palisades area on the beach hill in western L.A., which was nearly burned to ashes by wildfires, reached 5 billion won.

Altadena, another large wildfire area, has an average home price of 1.9 billion won, and authorities estimate that more than 120,000 buildings have been destroyed in Pacific Palisades and Altadena.

Although there have been large numbers of people who have lost their homes, demand for their relocation is expected to significantly fuel rising rents until homes are rebuilt, as there are few vacant rental homes in the region.

Experts also worried that public funds are needed to rebuild water and sewage systems, power facilities and roads damaged by wildfires, but that funds have not been raised, and that local employment and productivity will be hit.