In Los Angeles County, the median income is $62,172.
The current city data show that 39.9 percent of your
income goes to a monthly mortgage payment, and
48.8 percent will pay for rent. It is becoming more
and more expensive to rent a home versus purchasing one. The mortgage interest rates still very low
have been part of this trend. However, the new lender’s guidelines are thought and require that home
buyers have some savings in the bank. A 20 percent
down payment on a median-valued home in the Los
Angeles-Long Beach-Anaheim area would require a
potential buyer to have saved an average of $109,580
if we use the Zillow Home Value Index. This index
rose by 4.5 percent over the past year, to $547900.
The lack of inventory in Downtown LA has created
an increase in pricing that will continue for years to
come. Apartments monthly rent have been increasing, and the several new luxury complexes that are
about to open will make the average price of all rentals to rise in the next future. Pricing like San Francisco
and even New York City will not be rare in Downtown
LA soon, and it will be more difficult for an actual resident to stay in the center of Downtown.
We hope that the city builds some affordable housing close by to create new neighborhoods where everyone can enjoy living in our great city. As an investment standpoint, this is great and very optimistic for
everyone that can afford to purchase property now.
Contact me for more information and help you find
the place of your dream or your next investment.
Alex LiMandri
(213) 626 5433
[email protected]
www.laloftsrealty.com