What is with two-thirds of Angelenos and their apparent refusal to earn enough money to be able to afford a house? C’mon, guys, think of us – the real estate agents! How are we supposed to earn money???
This is actually not funny.
In Los Angeles, only 37 percent of households can afford a median-priced house. That’s down from 42 percent in 2013 and from 49 percent in 2012.
$86,800 is not Los Angeles median salary. If you’re married you’re in luck as you have more options to buy. But if you’re single your buying options are very limited. Let’s be honest. Even if you can afford average priced home in Los Angeles… Would it be in the neighborhood you’d like to live???
My advise… buy multi-family property! Buy duplex, triplex or even fourplex (quad). Buying multiunit property is a little more complicated but especially for first time home buyers it can be a great move and way worth the hassle.
More about locating and qualifying the right property in Los Angeles and Orange County, evaluation and financing of 2-4 units, dealing with rent control issues etc will follow in next posts.
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