How do people afford to buy a house here? (Los Angeles: crime, house prices)

[Cardiff Kook]

What's wrong with buying a condo or townhome? Why does everyone feel entitled to a SFH is a great neighborhood, with great schools, etc for under 400k in one of the most desirable regions of the county? Those things are going to cost a lot of money, and rightfully so.

[CA4Now]

Originally Posted by Cardiff Kook

What's wrong with buying a condo or townhome? Why does everyone feel entitled to a SFH is a great neighborhood, with great schools, etc for under 400k in one of the most desirable regions of the county?

Exactly!

[JohnG72]

first off those homes were not so expensive just 16-17 years ago.

Houses in Burbank? $225-275k in 1999
West LA? $175-250k

I've been called a liar and told that houses were never that cheap, esp on the west side, but facts are facts.

So that's the reference point.

And town homes are not cheap either. Those areas where homes start at $550k? Town homes start at $420k plus HOA's

Basically the spread from average household incomes to purchase price in LA area up until around 2002 ran about 3.5x to 4.5x

Currently it's more like 6-10x depending where you live in LA.

[ihatedcu]

Originally Posted by JohnG72

first off those homes were not so expensive just 16-17 years ago.

Houses in Burbank? $225-275k in 1999
West LA? $175-250k

I've been called a liar and told that houses were never that cheap, esp on the west side, but facts are facts.

So that's the reference point.

And town homes are not cheap either. Those areas where homes start at $550k? Town homes start at $420k plus HOA's

Basically the spread from average household incomes to purchase price in LA area up until around 2002 ran about 3.5x to 4.5x

Currently it's more like 6-10x depending where you live in LA.

I'm sure you already know, we had problems in socal during the 90s. The riots, major earthquake, and recession (defense).

[CA4Now]

Originally Posted by JohnG72

first off those homes were not so expensive just 16-17 years ago.

And what are "those" homes of which you're speaking?

Basically the spread from average household incomes to purchase price in LA area up until around 2002 ran about 3.5x to 4.5x

You must not have been around for the housing bubble in the 1980s.

[JohnG72]

Originally Posted by CA4Now

And what are "those" homes of which you're speaking?



You must not have been around for the housing bubble in the 1980s.

You are one of the people who called me a liar in the past. I posted several home histories at the time. You never responded that you were incorrect. I'm not jumping through hoops again. Look up my posting history or do your own search of sales histories on blockshopper or Redfin.

The 80's housing bubble didn't push homes to current price to income ratios.

[JohnG72]

Originally Posted by ihatedcu

I'm sure you already know, we had problems in socal during the 90s. The riots, major earthquake, and recession (defense).

Are we not currently in the slowest recovery ever out of the deepest depressions once the 1930's?

[J.Thomas]

Hey OP did you buy a home??

[nickdahammer]

Honestly, it was a steady Union gig that got me into my Mount Washington home back in 1997. I see fewer and fewer of those jobs now. So yes, the middle class continues to lose. For what it's worth, I have a niece and little brother who moved into a Ktown rental a couple of months ago (about 900 square feet I reckon) and are paying $1145/month. Nice place near Normandie/2nd. Whether either of them will ever be able to sustain a mortgage is another matter entirely.

[StreetLegal]

Originally Posted by JohnG72

first off those homes were not so expensive just 16-17 years ago.

Houses in Burbank? $225-275k in 1999
West LA? $175-250k

.

The median home price in LA County in 1999 was just under $200,000. Your range for Burbank is believable. The West LA range is not. West LA would be higher than Burbank.

Historical Median Home Sales Prices From 1982

Overall, I agree the home price inflation in So.Calif. turned up several notches around 2002. Briefly took a breather in 08/09 and is surging up again. Housing was never cheap here but it used to be cheaper relative to incomes.