Small house at 100k or less in Los angeles area? (August: apartment, to rent)

[seph22]

Hello everyone
I'll arrive in los angeles in August to study for the next 6 years ( 1 Year language + 5 years engineering) I worked few years so i already got around 100k in cash available to buy a house to avoid wasting money for 6 years on rent

I don't need a big house being single and all, so anything with 1-2 bedroom is totally fine with me

Is there anything like that in "safe" area or 100k is just too low?

Also how are the people in LA? i hope they are nice i only did visit new york and Florida before and while in the movies everyone says that new yorkers are rude etc my experience as a tourist was different they were quite nice

Thanks in advance for anyone who will post helpful info

[jw2]

Los Angeles is a big place. People may be able to help if you provided which part of LA has your interest. I think $100,000 will be tough though.

[CAVA1990]

Why would you want to tie up your cash like that particularly with interest rates being so low right now? My guess though is that you're going to need most of that $100K as a downpayment on a place in a "safe" area of L.A.

[EscapeCalifornia]

In the LA Basin, forget about it unless you're open to bombed out houses in the ghetto needing $100k in repairs to make them habitable. If you go out far enough into the desert, your odds will improve but that's no money anywhere within 100 miles of LA.

[scratchNsniff]

You can get a mobile home for under 100K, but that's about it. You'll still be paying monthly "rent" though. You can't get a closet in LA for 100k.

[seph22]

wow it's that bad you can't get even 1 bedroom for 100k?
how do young Americans at early 20 buy a house then or do they just rent?

So if i were looking for 1 bedroom small house or a condo/apartment how much do i need?

[CAVA1990]

Originally Posted by seph22

wow it's that bad you can't get even 1 bedroom for 100k?
how do young Americans at early 20 buy a house then or do they just rent?

So if i were looking for 1 bedroom small house or a condo/apartment how much do i need?

$100K isn't that much if you're financing as most people do. With $20K down the payment would be about $600. I can pretty much guarantee that living around people who can afford only $600 a month in an urban area is not going to be a safe experience.

Take your annual income, multiply it by 3-4, and that's about how much of a house you should be buying to live around people like you.

[EscapeCalifornia]

Originally Posted by seph22

wow it's that bad you can't get even 1 bedroom for 100k?
how do young Americans at early 20 buy a house then or do they just rent?

So if i were looking for 1 bedroom small house or a condo/apartment how much do i need?

People in their 20's live with family or have roommates until they get married. Even among people with good incomes, home ownership rates are very low in LA because the cost is so high. If you want to pay cash for a house as a student, you need to try the Midwest.

I doubt you'd find a small house in a safe area for much under $300k. The problem is the areas with the smallest houses tend to be the oldest areas which tend to be the worst neighborhoods. While condos can be purchased much cheaper, they come with monthly HOA dues which can be hundreds of dollars per month.

[seph22]

Originally Posted by EscapeCalifornia

People in their 20's live with family or have roommates until they get married. Even among people with good incomes, home ownership rates are very low in LA because the cost is so high. If you want to pay cash for a house as a student, you need to try the Midwest.

I doubt you'd find a small house in a safe area for much under $300k. The problem is the areas with the smallest houses tend to be the oldest areas which tend to be the worst neighborhoods. While condos can be purchased much cheaper, they come with monthly HOA dues which can be hundreds of dollars per month.

I can't change my college now since i have a scholarship for LA college registered with papers received/sent and all.

If 300k minimum need for a single room house for safe area then I'll stick to renting, my rent will be about 1200$ a month near my college that's 85k~/6years i was thinking of investing of that 85k instead of wasting it but i guess that's the way it's in LA

what about decent/safe condos? 200k?

[CAVA1990]

Where are you going to college?