So You Want to Live in LA?
Annette Haddad of the LA Times reports that the median price of a Los Angeles County home has topped the $500,000 threshold - twice what it was just 4 years ago:
To buy a house at the median price, a household would need an annual income of at least $120,000 to qualify for conventional financing with a 20% down payment. The county’s median household income: about $47,000.
And half a million doesn’t exactly get you a castle. Don’t even think about Beverly Hills. Try Norwalk, South Los Angeles or Panorama City, where the median price buys 1,500 square feet with three bedrooms and two baths.
Want something bigger? Head to Palmdale, where $500,000 gets you 2,200 square feet and two stories. Want ocean breezes? There’s a two-bedroom condo in Playa Del Rey, built in 1971.
September 21st, 2006 at 1:24 am
i totaly agree with you. if you look for apartment for rent in la you may find something affordable. but to buy a house in los angeles? no way… the costs are enourmous…