Community Corner
25 Percent Of People In LA Can't Afford A Median-Priced Home: Report
Homebuyers need to make at least $127,000 annually to buy a median-priced home in LA. That leaves most out in the cold.
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.”
