A quality of life meltdown is being predicted for Los Angeles and Ventura counties within 20 years because of skyrocketing housing costs.

According to a study by the Greater Los Angeles and Ventura chapter of the Building Industry Association and the Los Angeles County Economic Development Corporation, the region’s housing crisis will have far-reaching effects on the economy and quality of life.

“With more than 10 million people already calling Los Angeles County home, and that number estimated to increase dramatically in coming years, we simply are not building enough homes to meet demand,” says LAEDC Chief Economist Jack Kyser, in a written statement. “If demand continues to outpace supply, we’ll not only see higher home prices, the housing shortage will soon have a negative rippling affect across all sectors of the county economy.”

The study’s findings show that since 2000 the average price of a new home in Los Angeles County increased by $131,254, and by $155,621 in Ventura County. Latest numbers released by the California Association of Realtors show the median cost of a home in Los Angeles County and Ventura County skyrocketed by 21.6 and 30.5 percent, respectively, in the last 12 months alone.

The lack of available housing to meet the demands of Southern California’s growing population is the biggest contributor, the study says.

The BIA/LAEDC study — which the organizations say is one of the most comprehensive studies to examine the direct effects of population on the housing issue — found that the region has not only failed to meet current housing needs, but has also failed to plan for the future needs of the area’s impending population growth. Between 2000 and 2020, it is estimated that the Southern California population will grow by more than six million residents — the equivalent of adding the population of Chicago, twice.

The study predicts that businesses will flee to neighboring counties and states, as employees would have to be paid higher wagers to afford to live in LA; companies will be unable to recruit new employees from outside the area, as the region’s home prices will be too expensive; families will move to outlying areas in order to find more affordable homes — increasing the number of commuters, which contributes to traffic congestion and air pollution; attracting new businesses to the area will be nearly impossible, as companies will not be able to afford to bring their current work force with them; and residents will continue to double up in single-family homes, condos and small apartments, as affordable homes will be nonexistent.

Such forces have already spurred many residents to move to the Central Valley and fast-growing areas such as Sacramento, which is also experiencing a rapid rise in housing costs.

“We need courageous leadership to step up to the plate to bring an end to the crisis and prevent a regional meltdown,” says Ray Pearl, executive officer of the Greater Los Angeles and Ventura chapter of the Building Industry Association, in a written statement.