The median price of a starter home in Los Angeles is $334,000, according to Trulia. That’s actually pretty reasonable compared to the staggering prices in other major cities — $734,000 in San Francisco, for example — but it’s still out of reach for many Angelenos. Trulia estimates the average prospective home buyer in Los Angeles, where the median income is $60,000, would need to save nearly 90 percent of her monthly income to afford a starter home.
Have you started saving? If so, how? Are you foregoing vacations and living frugally, or are you renting out your apartment on Airbnb and setting aside that income for a downpayment? Have you moved in with your parents? Are your parents helping in some other way? Are you counting on the lottery? Or, is the prospect just too damn daunting?
- 10 Great Los Angeles Starter Homes [Curbed LA]
- LA Starter Homes Completely Out of Reach of LA Starter Home Buyers [Curbed LA]
- High Housing Costs Are Driving Californians Out in Droves [Curbed LA]