No Wonder I'm Struggling
Forbes just published an article declaring Los Angeles to be the least affordable housing market in the country. That's right, LA is less affordable than NY and San Francisco. I believe it, too, and I'm speaking from experience. My nose is in the multiple listings every single day. Here are the rankings of the top 5 cities with the least affordable housing markets in the U.S.:
1. Los Angeles
2. San Francisco
3. San Diego
4. New York
5. Miami
I met with a lender this week and had my budget firmly established. If my budget went up to $2 million, I'd snatch this masterpiece up in a heartbeat. Be sure to take the photo tour and check out the details in all the pictures... the windows, the floors, the ceilings, the woodwork, the arches, the fixtures, the tile, the doors. This amazing house is not only in a beautiful neighborhood, it's one block from the beach. It's a total dream house.
posted by LA @ 10:44 AM
12 Comments:
This sure is a beautiful house. Good luck with your search.
I was very fortunate to get the house I bought when I did (8 years ago). I wouldn't be able to afford to buy it now.
I'm like Dan - I c/n afford my house now - well, to be honest, it was a struggle to afford it 12 years ago . . .
I'm not a huge fan of Moorish style, but that house is gorgeous
these articles are so weird.
do they mean the greater LA metro area, or the city itself?
because I just read an article somewhere that said the most expensive CITY was San Jose. Even more so than NYC.
Manhattan on the other hand has some of the most expensive zip codes, along with zip codes that make up certain pockets all over San Diego, Orange County, LA County and the Bay Area; ie, La Jolla, Beverly Hills, Atherton (20 minutes south of San Francisco), etc..
I certainly know how expensive it is here in San Diego.
we could not afford to sell our house and buy another here of comparable size or a little larger.
Mike - That article certainly wasn't clear about what constituted "LA" or "San Diego," but it least it gave the criteria from which it compiled its data. I inferred the metro areas of each of the cities listed.
I don't know the fresh statistics this year, but one statistic that stuck out for me last summer was that only 12 percent of people in Los Angeles County would presently be able to buy their own homes. That blew my mind.
I found the house we grew up in (Calabasas, CA) in the multiple listings recently and relayed the list price to my mother. She almost had a heart attack upon hearing the number.
I'm curious about that report as well. A show I recently worked on quoted the going rate of real estate in NYC to be $1K per sq. ft. If that were the case here, my place would be worth $1 mil and it's worth less than half that.
That place is sweet. Love the pool.
I am really hoping you find your perfect pad.
Edit - I don't know for sure, but I'm guessing this story is probably calling "NY" all of the burroughs where your show was referring only to Manhattan.
My mom still lives in the last house that I lived in before moving out.
She's owned it since 1978, I think.
It's right around the corner from the home we lived in when I was born in 1966.
Anyway, when they bought in that neighborhood in 1963 before I was born, houses were roughly 25 to 30K, I believe.
At one point, her home would have easily sold for 800.
The market has cooled off in San Jose, but "regular" single family homes are still holding pretty well.
Established neighborhoods like that 10 minutes from downtown SJ, one with mature trees and quality construction (imagine that, even for a tract home!) like oak floors throughout, good sized lots, etc.. are still very much in demand.
Because back then, they actually planned for things like roads, shopping and schools.
What a concept.
Unlike all the shit-looking far flung suburban-sprawl built-like-crap neighborhoods that lack proper services.
Here's your McMansion, you have one school, one Olive Garden, one Wal Mart and a park half a mile away. All that and an hour commute each way!
Enjoy!
mike - I see you've been to Valencia.
The LA market is nuts. My friend was looking for a place in Beaumont and everything there is unaffordable because all the people who can't afford LA are buying out there and commuting.
I understand that the few ultra-competitive markets are still rising but many, many markets are falling as the real estate bubble has burst. I'm not sure anyone can predict the bottom nor how long this will all last, but I'm pretty sure (as are others) we're merely at the beginning.
LA, I hope you find the pad of your dreams and at a great price. But if you're in no hurry, take notice of the prices, if they're not falling, they will be soon.
I'm keeping my fingers crossed that the bubble pops. Because no matter what little cash I have, I'm buying something. ANYTHING. It's almost impossible for people, especially single and/or younger people to get onto the first rung of the property ladder.
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