The LA Times recently came out with an article that says you need to make $220k to buy a house in LA!
But is it true?
Well it all depends! How much down payment you have makes a huge difference.
The more cash you have to put down, the lower your loan amount is and you can qualify with a lower income.
There are down payment assistance programs that help with that piece too.
And you can use different strategies like house hacking to lower your monthly payment.
The article also based that off the median LA house price of $823,500.
I just did a quick search on the MLS and found over 4,000 active homes for sale under 800k.
At least 400 of those were single family homes in the city of LA proper.
Could you even go see 400 homes yourself? Probably not!
And in the last 30 days, over 700 homes sold for under 600k!
So — don’t let the media discourage you!
No matter how much you make, with a good lender and realtor team we can find something in your price point.
Happy to connect if you want to chat more!
Sammy Lyon
REALTOR®️
DRE #02113227
www.buyahouseinLA.com
#buyahouseinLA #realestate #realtor #realtorsofinstagram #homebuying #equity #losangeles #losangelesrealestate #realestateagent #FIRE #financialfreedom #investing #workoptional #goals
Read more:
LA Times article https://www.latimes.com/california/story/2022-12-01/you-need-earn-more-than-220000-year-buy-house-in-los-angeles
LA Times on IG https://www.instagram.com/p/ClpnKIHLkiL/?igshid=YWJhMjlhZTc=
Redfin report with original source data for article https://www.redfin.com/news/homebuyer-income-increase-october-2022/