Oh, Millennials. Those selfie-taking, '90s-rememberin' Millennials. Will they ever get their way? If we're talking about owning a house in Los Angeles ... probably not. Turns out Twitter followers doesn't translate to real buying power in today's real estate market. SmartAsset has gathered recent US Census data on the median incomes of Millennials in Los Angeles in order to calculate the average housing price that would be affordable to the under-35 set. You WON'T BELIEVE what happens next (You will believe what happens next). They found that the average Los Angeles Millennial earns $33,667, and thus can afford to spend $111,000 on buying a home in the region, or a max monthly mortgage payment of $1,010.
LA Millennials are able to afford a $111,000 home, is another way to say LA Millennials cannot afford a home. The median housing price in LA is about $575,000, so unless young homebuyers get a sizable loan from their parents, the housing market is pretty much off limits to them. They could always buy a nice vacant lot and leave it to their kids, in the hopes that the economy isn't still in shambles when that generation graduates. But a home for themselves at just a shade over $100k? Not likely.
But there's always youthful ingenuity. This is the generation of lifehacks, and there are certainly ways they can cheat themselves into a respectable living situation. Maybe that vacant lot plan is the way to go. There's this 5,070 square foot, nearly vertical beauty right on Laurel Canyon Boulevard in the Hollywood Hills. The area, long known for its folky roots, is the perfect setting for a little rustic living. It appears there's just enough flat land right off the curb for a tent or maybe a narrow Winnebago. Figure out a way to charge a cell phone and this might just work.
For those who want actual walls, but can't afford a house, there are always condos. Like this one on Beverly Glen. Sure, it's a 230-square-foot one-bedroom, one-bathroom that used to be a maid's quarters, but at just $55,000, they're practically giving it away! Amaze your friends with this Westside address, and rest easily knowing they'll never visit out of fear of searching for parking.
A condo is nice and all, but it's a house people dream of, with a backyard and no shared walls. For that, Millennials will have to travel a little farther from their boutique coffee shops and dance-fitness classes, all the way up to Sylmar for this $60,000, two-bedroom, two-bathroom mobile home. This "beutiful" property isn't exactly a Victorian, but it does come with in-home laundry machine and is conveniently located near the community pool.
This is getting depressing. Can't a Millennial get an honest to goodness house, something that they can call their own that isn't on wheels? Is there anywhere to put down some roots and live with permanence in all of Los Angeles County for under $111,000? Yes. It's in this 620-square-foot, one-bedroom cabin located on leased forest land near Azusa, asking $69,000. Leased forest land near Azusa? That sounds kinda shady, but the cabin's listing promises homeowners will be in the clear until at least 2028, and if the lease ever does get terminated, the Forest Service will buy back the cabin at fair market price! Time to make a down payment on this baby!