Buying or renting a house, in L.A., is a huge decision which requires an in-depth thinking without moving any steps forward. The prices in the housing economy in Los Angeles have been increasing day by day and if you thing you can buy something for yourself without any background study; you are definitely making a mistake. Buying real estate in any area demands a look into its demography, schools, safety etc.
Each of the neighborhoods in Los Angeles has a specific feature which makes it special. Some are beside the beaches, others are in the valleys, some are special only because of the celebrity living there and in reality, quite a lot of celebs reside in LA. All of the aforementioned features and many others have a huge effect on the real estate prices which presently is as follows.
The general cost per sq. yard is 526 USD while the median price of a house (The median house price is the midway point of all the houses/units sold at market price (or sold amount) over a set period (monthly, yearly, quarterly, etc.).) in Los Angeles has been figured out to be 657,500 USD which is frankly quite huge. Still if you can afford it, there is no place better to live. LA has an extremely awesome weather conditions, the schools are immaculate, great roads and a very remarkable sightseeing opportunities. Even if you do not want to live in it yourself, the renting opportunity is still at hand.
Some of the popular LA locations consist of Hollywood Hills, Silver Lake, Downtown, Brentwood, Los Feliz, Westwood, Wilshire Center, Echo Park, Studio City and Hollywood. Each of the above housing locations has a different median price depending upon the area and the facilities at hand.
Hollywood Hills, Hollywood and Silver Lake have a median property price ranging from $671,750 to over a million dollars. The same goes for the Studio City and Echo Park. However Wilshire or Korea Town has a relatively lower pricing amounting to nearly $550,000. The Westwood, Los Feliz and Brentwood are the icing on the cake with a general price ranging above a 100,000 USD. As mentioned earlier, all this price variation depends upon the neighborhood plus the crime rate.
In short if you want to buy real estate in Los Angeles, carefully estimate your income (seeing that you will have to pay the property tax later on) and compare your family needs corresponding to the neighborhood which fulfills them. You will definitely find a place in Los Angeles that fulfills everything you want in your home.