Can I Afford to Buy a House in Los Angeles? 'What Salary to Buy a House in LA?' by David Rae discusses obtaining a home in Los Angeles at the lowest possible cost. According to the author, the inconsistent prices of the Los Angeles real estate market have a significant impact on the financial planning of persons looking to buy a house or an apartment. Los Angeles is one of the financially sound places on the surfaces of the Earth being dwelled by every kind of people elite as well as median or average. The article mentions the higher standard of living and growing cost of survival makes it a bit difficult to play with its real estate philosophy. But, the fascinating aspect of the place is that even the normal hardworking people own their houses on this land. However, the buildings or even the land demand bigger lumps that varies from $3 to $4 million to $1 million for McMansions and a nice house in a good neighbourhood respectively (Rae).
The author talks about the difference in the cost of houses vary from place to place in L.A. For instance, a 3-bedroom set is going to be available at different rates at different places of the L.A city. Such alterations in the prices do exist due to the effects of some area codes also including 323, 213, and 424. Rae beautifully explains the fluctuations in the prices of the houses which affect the buyer’s choices and preferences. He has contrasted the rates of apartments and houses of different places and gives a very clear picture of the statistics of the real estate market of the L.A. A normal median house needs $95,000 per year in the city of L.A which is priced at around $480,000 (howmuch.net). Similarly, a median house is priced at $680,000 that means approximately $134,500 a year (Trulia). The author evidently gives an in-depth picture of down payment statistics as 20% that offer the following details:
For 5 years = Save $63.41 per day, and for 10 years = Save $25.72 per day (Rae)
Rae also talks about the loan availability for the house that needs to be applied with much care. He thrusts on the associated consequences related to the loan including availability of cash, taking for kid’s education etc.
David Rae talks about the possibilities of owning a house in L.A by explaining a few associated aspects of the financial planning. He thrusts on better planning process keeping in view all the necessary financial prospects in consideration. The author beautifully summarizes the pros and cons of the real estate industry in L.A and illustrated a better picture of housing in the city or country. The statistical details give clear information about the contemporary fluctuation of prices according to the place and kind of the house. The neighbourhood do really matters and strikes the cost to higher levels.
I agree with the author that the prices of housing are worth paying because of the better opportunities that the city offers. The real estate industry of the L.A is influenced by the growing economic and cultural market, making it one of the best choices of living. The article is well crafted with a few essential details that do help in deciding from where to start to buy a house or to live in in the city. the author attempted to present a simple picture of buying a house in L.A and he succeed in doing so. The article is very informative regarding the prices of the houses at different places in the city.
Works cited
Rae, David. Can I afford a House in Los Angeles? http://www.financialplannerla.com/afford-house-in-los-angeles/ October 10, 2016. Retrieved on 16 April, 2017
Howmuch.net. Cost of living. https://howmuch.net/cost-of-living/ca/los-angeles/
https://www.trulia.com/for_rent/Los_Angeles_LA/
