LOS ANGELES (CBSLA) — Just how much does it cost to buy a house in Los Angeles?
According to a report by the California Association of Realtors, homebuyers need to make at least $127,000 annually to buy a median-priced home.
The median price of a home in Los Angeles County is $649,000 with a monthly mortgage payment of $3,180.
“I’m seeing homes under a million dollars are picking up and moving especially since interest rates are going down,” said local realtor Chris Gray who is selling this home in Beverly Hills. “It looks like a one or two-bedroom condo if you’re talking about the west side. If you go to the valley maybe a more spacious condo or a really small house.”
One local mom is encouraging her kids to look out of state.
“You can buy in other states a house for $80,000 if you put $30,000 down and a have a mortgage of $500 a month,” she said.
According to Gray, some people combine incomes to get the homes they want.
C.A.R says a lower cost of borrowing and higher income levels has allowed more Californians to afford a home purchase during the third quarter of 2019.
Affordability was said to have improved in all Southern California regions, with Los Angeles and Orange counties tied for being the least affordable with 25 percent of people able to purchase a median-priced home.
San Bernardino County was said to be the most affordable county with 51 percent able to purchase a median-priced home.