Yikes! The latest numbers from California Association of Realtors say that housing affordability in LA County is at 25%. That means that only 25% of LA County residents can afford to buy a median-priced single family residence. The median sold price of a home in LA county as of June 2021 is $796,120
📌I’m going to let you in on a little secret to side step this affordability issue, so stop for a second and save this before you forget.
If you have your sights set on homeownership, but can’t quite afford to buy in L.A yet, all is not lost. Consider buying real estate outside of L.A in an appreciating area. Below are 5 cities where some of our past clients have bought to live temporarily while their equity builds and that next raise kicks in. Some have even bought in order to rent and hold long term. Since these area are appreciating quite a bit, the plan is to sell in the future in order to obtain a downpayment they otherwise would not be able to save by budgeting alone.
Here are some areas to consider:
- +21.3% Change from last year
2️⃣ Joshua Tree
- +85.4% Change from last year
3️⃣ Moreno Valley
- +26.7% Change from last year
4️⃣ Palm Springs
- +21.09% Change from last year
5️⃣ Las Vegas
- +16.1% Change from last year