How do people in Los Angeles afford it?

[John23]

Originally Posted by seain dublin

What are you talking about? Lived in LA over 20 yrs and got up in the morning and went to work Monday through Friday, and judging by the traffic so did many others.

Many, many people live a normal middle class lifestyle and have no contact with the entertainment industry.

You sound like someone who knows LA from watching TV.

I've known a lot of people who live in LA (and have moved).

-At the top of the real estate bubble in so cal, people thought they could buy 2 or 3 homes with no money down? Or some crazy mortgage, 80/20. There's a major disconnect.

How many people got 80/20 loans in the midwest. Or in the southeast. Like Georgia, North Carolina, S Carolina, etc?

-I think there's definitely a temptation here to live something you're not.

I've seen california on the ground. A lot of people didn't like things after 1990 or 91. People didn't like things after the northridge earthquake. The traffic in 2000? The decline of schools?

-I think people in LA are probably more optimistic about their future earnings...thus, buying what you can't afford.

-Homes in the south are dirt cheap. I was in Orlando maybe 2 years ago, condo's there were like $140k? Can you imagine having a condo here in a nice area for $200 k? People would be in shock. Your money goes a lot further in other states. I.e., look at Nevada or Las Vegas.

There's just a different mentality in other cities. Income is closer to home prices. Good schools aren't as far away from affordable housing.

[nickdahammer]

Wow, I checked out your posts. You're pretty much down on anyplace that's NOT NYC. No wonder you want to tag us as a low-wage ghetto where everything costs too much.

Well, whatever works for ya.

Angelenodown

Originally Posted by SV808

I've always wondered.

Looking through some figures, metro Los Angeles is one of the POOREST metros in the United States (below Detroit, for instance) as far as per capita income. Metro Detroit has a higher percentage of high net worth households than LA, but Detroit is dirt cheap.

LA ranks like 30th as far as income goes amongst metros (NYC/SF/DC areas are the highest earners), yet LA is priced higher than wealthier metros like Boston and Chicago.

How? Is everyone in LA up to their eyeballs in debt? Or did EVERYONE buy in before the bubble? It's funny how Hollywood glamorizes LA when the area is so low-wage and generally....poor.

[Woof]

Originally Posted by Miss Pip

I'm so glad I stuck with University. Without it things would have been a lot harder for me.

We're also glad that you stuck with University, Miss Pip, and that the sky is blue today. There are so many things to be grateful for in life.

[timeofseasons]

Yes LA can be very expensive but also cheap. Overall the city is said to be above average in safety, as opposed to Detriot.