Overview
If you want to live in a large metropolitan area and search for a home in a captivating and dynamic city, then Los Angeles is a safe bet. This sprawling city covers around 500 sq mi, encompassing many popular neighborhoods and enclaves like San Pedro and Hollywood.
It belongs to the County of Los Angeles (also known as Los Angeles County). About ten million people live in this huge area, while the whole metropolitan LA region houses around 18,000,000 residents.
More and more people move to Los Angeles. It should not come as a surprise, given that some of the most compelling events and entertainment in Southern California take place here. From the California Science Center in South Los Angeles to Broadway shows in Hollywood and Latinx landmarks in East L.A., the city offers a wide range of amenities to its residents.
This beloved city attracts house hunters from all around the United States. That’s because an increasing number of people are interested in taking up residence in Los Angeles. With a plethora of housing options out there, it can be tricky to find the best ones.
Listed below are the most popular options on the L.A. real estate market available right now. All you need to do is sift through these listings until you come across something within your budget that suits your needs.
2458 Listing Found in Los Angeles, CA
Purchasing a Home in Los Angeles CA
Considering what this city offers to the residents (plenty of job opportunities, great entertainment, and mild-to-hot climate), it’s little wonder houses are pretty expensive here. In fact, the median home price is as high as $640,000 in Los Angeles.
There are approximately 4,000 homes for sale anytime during the whole year. Whether you are hunting for a townhouse, condo, or a single-family home, you will have a decent number of options to choose from.
Most houses are being sold within 45 days in Los Angeles. That said, buyers should act promptly when spotting a house that fits their needs and budget.
Popular Neighborhoods
Los Angeles encompasses a lot of neighborhoods and areas, such as South Los Angeles, East Los Angeles, downtown, and Hollywood. Other well-known areas include the Harbor, Westside, Wilshire, Crescenta Valley, and San Fernando Valley. These L.A. areas comprise about 80 neighborhoods and districts.
Hollywood Hills, Los Feliz, Brentwood, and Westwood are particularly popular. These inviting neighborhoods attract many house hunters by providing lots of business and job opportunities.
Located in San Fernando Valley, Sherman Oaks also attracts many people with a lively nightlife scene, celebrity sightings, and large shopping malls.
Renting to Own a Home
If a no-lease option works for you, then you should look for either rent to own or foreclosed homes in Los Angeles. With the rent to own process, you are going to pay off and live in your dream home at the same time. At the end of your rent to own agreement, you will be able to purchase the house you’re renting.
It is a great solution for those with a bad credit score. They can work on improving their credit score before applying for a home loan and buying a home or rent to own property in Los Angeles.
Renting to own is also a suitable option for people who can’t save up a down payment for a new house. With such a model, the tenant has a portion of his/her monthly rents accrue towards a down payment.
The final purchase price as well as your rental period and payments will be stated in the rent to own contract. Keep in mind that you will have to pay the upfront option fee and additional credit besides your monthly rent payments. These extra costs will be credited toward a down payment bit by bit. It will make it easier for you to purchase the home at the end of your tenancy.
Living Expenses in Los Angeles
It’s very costly to create a home in this city compared to other places in California. Before you become a homeowner or rent out a house in Los Angeles, take into account the cost of living here. Let’s check it out.
Los Angeles’ cost-of-living index is 165, which is much higher than the national average. That is because of the extremely high housing expenses.
As for transportation, utility, grocery, and healthcare costs, these indexes are a bit above national averages. The L.A. residents pay slightly more for these services than people in most American cities. However, the overall cost of living is about 36% lower than in NYC.
Final Thoughts
About four million people live in Los Angeles. They enjoy a multicultural spirit, entertainment events, and bountiful sunshine throughout the year. Additionally, Los Angeles features welcoming neighborhoods, rich history, and an abundance of landmarks.
Los Angeles also offers an array of educational and employment opportunities. While these amenities make it an attractive and vibrant city, they increase the cost of living and home prices at the same time.
Most living expenses are high compared to costs in other cities and countries. The same goes for housing. Those who can afford to rent or purchase a home here relish an extensive range of amenities this legendary city offers all year round.
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City of Los Angeles, CA Demographic Information
- Population:2,355,994
- White Population:870,314
- Black Population:395,708
- Hispanic Population:1,232,937
- Asian Population:234,447
- Hawaiian Population:2,940
- Indian Population:20,213
- Other Population:716,298
- Male Population:224,407
- Female Population:225,026
- Avg House Value:$152,800
- Avg Household Income:$48,233