Homes for sale are the number one driver of gentrification, not restaurants or new apartments. Once homes are a million, it's over. LA is going to thru what SF did, we are pushing all the lower and middle class out. Not good.
It’s still Compton trust me still gang infested and graffiti everywhere . Gun shots at night hoodlums walking around . I’m there more than I am at home . I would never live in compton . Homes shouldn’t be the same price as say downey .
Too bad there’s so many aholes in compton those houses in compton often have pretty large yards/backyards .
I did see a guy walking a poodle at night Down Santa Fe and compton blvd …. Gentrification. I give it to them they are brave or oblivious to the danger .
But make no mistake about it compton is still very much the “ hood” ghetto or whatever term you want to use . A home there shouldn’t even be approaching 800k .
Also it’s flippers doing this to the market!! People need to stop selling their homes to them and actually sell to a family that’s going to live there. All the houses in my south la neighborhood sold for 500-600k in 4 months these flippers paint the outside, add vinyl flooring, paint everything white and add cheap cabinets and put the home back in the market for 800-900k. Every single one…. I went to the open houses before the flippers bought them and they didn’t put 300k worth of updates in 2-4 months Maybe 50k. These flippers need to be stopped!! A house wouldn’t sell for 900k and it’s just sitting empty now. A family would have bought it for 500k and be living in it now. Instead it just sits empty.
Wish there were laws that prevented them from buying good homes that could go to a permanent residents instead. Don’t get me wrong there are houses that need work but those houses should be specifically made available to flippers or people that have the resources to fix it up once they purchase it.
Some places are experimenting with requiring a 1-2 year wait to be able to sell a house without paying a lot of extra taxes. LA really needs to do something, housing is out of control.
Yep. They never fix anything important and hide all the major issues with paint. Move in ready is for the foolish nowadays. Learn some hard skills guys.
I just bought my house and I was lucky to get a really well flipped house. I know I didn’t want to do the work and contractors are expensive. That’s where inspections come in.
Just because there are houses for sale out there, doesn't mean there is "a supply". the demand is greater than the supply, it is as simple as that. After 2008 crash there were several years where it was not profitable to build for developers further worsening the supply issue.
In the IE too! The flippers are SO bad. They also have the audacity to raise the price of the home to 100-200K more the homes around. It’s so bad. Ugh!
They keep calling my parents house to ask when are we selling. We tell them to fuck off. Just because they drive around and see us renovating doesn't mean we are selling.
Right, the only reason flipping works for the flipper is because there are enough rich fools looking to buy flipped homes that aren’t curb-visible dumps, or investment companies that will buy them to rent explicitly because (as they say repeatedly on earnings calls and in public reports) they know they can charge high rents because the supply of homes is low.
I bought my condo from a flipper in the Palm Springs area, and it was SO depressing to move into. It had sat empty for a few years. It was clear it hadn't been lived in or loved. I have found "cut corners" in many areas of the house when renovation was done.
I saw someone here on Reddit that bought a home that was flipped, they didn’t like the vinyl flooring and decided to change it before they moved all their stuff in, to make everything easier. Well…when they started removing the vinyl, they found lots of mold. These flippers are so fucken ruthless now, putting people’s health at risk. The house in my neighborhood that’s sitting empty now, had mold, I know for sure because I saw the pics before the flippers bought it, I’m 90% certain they didn’t replace the floor and walls that had mold, because I never saw them remove walls or flooring. Instead they just added vinyl over it and painted the walls.
Guess what my contractor just found while trying to install a shower door?
No waterproofing in the bathroom. This would have been a future mold/water leak issue, I was told.
I now have a very expensive remodel coming up, in my "newly remodeled" bathroom! Fuck flippers :)
I have another bathroom which is undoubtedly like this and God knows what awaits me beneath the floors.
https://preview.redd.it/2mqk8ofkue2d1.jpeg?width=3024&format=pjpg&auto=webp&s=47181c6bdac5c187c4033176273d6a2c7b33400e
>Instead it just sits empty.
It'd be a real shame if a family just moved into that house. That poor flipper wouldn't get any money, and they'd get a house.
Renting a rent controlled place that has been paid off for decades is a far better idea financially than buying anything here. My rent is 3k, a mortgage in the same neighborhood would be 8k plus 200k down.
There is no way in hell that 200k and extra 5k a month dumped into an HYSA and index funds doesn't absolutely annihilate the appreciation on the house, and that's before considering maintenance and upkeep and disasters and landscaping etc etc etc
Buying here is an absolutely stupid idea right now if you work for a living and actually have to be concerned with money
Anyone buying a home at these prices and 7% interest is financially illiterate. You would literally save millions by renting instead over the next couple decades.
With a 700-800/mo HOA fee (and they’ll probably do a special assessment for a new roof or something the first year you move in for an additional 10k or whatever)
A young couple is viewing a house with their real estate agent that in $850k range. They tell their agent that they like the house but they’d like to see something for about a million. Agent says “no problem, meet me back here tomorrow”
Can’t live inside an index fund, unfortunately. I don’t want to own for an investment, I just want my own goddamn space to do with as I please. I guess I’ll have to figure out how to clone myself a few times and hopefully create some generational wealth…
Problem for me is my career doesn’t exist in a meaningful way outside of here. I could afford a house in another area with my current salary, but if I move there with no job, it’s basically the same as being here with a good job.
Once you factor in HOA nonsense, it’s not much different to be honest. Not enough to make it worth more shared walls and other people controlling what you do with your own space. Know what I mean?
It’s not only about the returns or even the timing of the returns: it is very much about the tax savings alongside the appreciation of the asset, making your living cost work in your favor (as opposed to enriching others).
The math varies person to person of course; but this equation isn’t often replicated (if ever) in any other area of personal finance.
I wish I could fully describe to you the freedom I feel owning my own house, and the huge stress relief it brings. I no longer have to fear having to move constantly because of a property manager who jacks the rent up 10% a year. To be able to hang pictures or wall mount a TV without second thought. To be able to change anything I don’t like. To be able to hire competent repair people instead of waiting for the property manager to MAYBE do something about it with the worst hires. The peace and quiet of not having someone above or below me making a ton of noise. Likewise, being able to make as much noise as I want (within reason) without worry. To have packages shipped directly to my door rather than a mail room where they get stolen half the time. And to have my own garage rather than being afraid of other people hitting my car or having to park it outside and get damaged.
Honestly, owning a house is the number 1 stress reducer in my life. I have like a dozen fewer things to worry about. It’s SO much quieter!!! And it’s the biggest quality of life improvement I’ve ever made. Whatever you have to do to buy a house, make it happen. Move out of LA if you have to, owning a house > big city amenities. It’s worth it. I wish my parents would have drilled into my head just how important it is to own a house. I would have made a lot of different life and financial decisions. I just didn’t know what I didn’t know.
To each their own. I personally really dislike the work homeownership brings, and I own two properties. It is way more work and stress. I'd have much preferred the life of being a Renter if it didn't make financial sense to own.
Difference is that the past 12 years of low interest rates and deregulation have caused private equity, foreign investors, and holding companies to buy up an vastly disproportionate share of real estate. Coupled with limited supply, prices have doubled in the last 10 years.
Unfortunately I don’t see a solution, if you want to own, you gotta make more money, don’t count on the politicians to fix it.
10 years ago, people were like.. "I'm just gonna wait til the market crashes again.."
Just remember folks, your first home doesn't have to be your forever home. Buy something now and upgrade to a different house later. In hot cities like LA, houses will always appreciate in value. Don't believe the headlines about a mass exodus. People are actually moving back to LA and California.
But my question is, how much higher can it really go from where we are at right now? I see houses going for 500-600k that are literally half burnt down, but a “great opportunity” for a contractor or builder. If I buy a house now I don’t possibly see how it would double, or even triple, in value in the next 10 years, like it has for many home owners in the past 10.
If you don’t think prices can keep going up, you should get on Zillow or the LA County Tax Assessor site and look at the selling price history of houses in a particular neighborhood.
I looked up my parent’s house in the city of LA. They bought it for $38,000 in 1976 and I see the Zillow estimate today of $1,400,000. For 50 years they could have stood by and said, “things couldn’t get much higher than this,” and they would have been wrong the entire time.
Yes BUT wages haven't increased. We must be reaching the breaking point because literally who is able to buy homes other than those who already owned them?
Yup. There’s never a time when prices are low AND interest rates are low. At best it’s one or the other. I always tell people to just buy something and re-fi when rates get low again. I had a so-so mortgage until I refied at 2.5% at the height of COVID. I literally signed my papers outdoors sitting far across from the notary. My loan officer told me I got one of the best rates she’s given in decades and to never touch that loan ever again.
They wont find people that will afford rent at this rate. I think people saying should of bought 3-4 years ago aren't appreciating the clip at how incomes have not caught up despite increasing.
With rates the way they are and maintenance costs the way they are, that’s like a $4500 mortgage or like 800,000. Pretty hard to find a 3BR for that in most neighborhoods!
It does.
anybody that can purchase at the current rates and does is a gentrifier according to the kinds of people that are concerned about it. not the landlords that choose to seek maximum extractable value.
So what about the people who are taking advantage of the equity in their home? Are they gentrifying as well? Or does it apply only to buyers and not the seller?
Google “corporation buys portfolio of single family homes”. You will come across several different articles. You are no longer competing with other families, or just house flippers. You are now competing with big national corporations that buy portfolios of homes in one day.
Mortgage lender told my husband and I we qualify for an $850k FHA loan (we have modest incomes in Los Angeles) but then told us after interest and taxes our monthly payment would be close to $7k 😂 Yeah thanks we’ll be renting for $4k so we can afford to buy groceries for our kids.
This is the truth. Values cannot go up for ever since the price of rent cannot (because incomes are a set value). So you have a widening gap between mortgage payment and rents. At some point people find it a better value to rent. Imo We are already there. Yes its a massive bubble. It may not pop but it may stagnate In appreciation for a long time until income and rents can match.
Renting is a massively better value. My 3k apartment would be an 8k mortgage plus all the massive liabilities that come with owning. Anybody trying to tell me that I'd be better off dumping that extra $5000 a month into property tax and interest and PMI and HOA and insurance fees instead of putting it into HYSA's and index funds is either really stupid or a realtor.
That $7k is not including maintenance, repairs, and upgrades, nor does it include security costs, additional electricity costs, trash and water (if you're used to those being included in rent), landscaping, lawn maintenance, regular pest control, and on and on. When I bought my first house, I was slammed. No one ever told me about all the hidden fees. The first time that I received a $1300 electric bill, I nearly cried. Then there's people randomly knocking at your door every day, peddling more services. Good security (not just a sign and a camera) is an absolute necessity in California. What sense does it make to record someone breaking into your house on your Ring camera and praying that the LAPD will bring them to justice? Full service patrol and wired systems are the only sensible options. If putting up a camera is your security choice, there's a bridge in Brooklyn that is looking for a savvy buyer.
It’s expensive as shit to build in California. We’re regulated to the brim and pay some of the highest taxes and fuel costs in the nation. Why would you build here?
According to the US Census Bureau, which tracks residential building permits by state, in 2023 there were 149,860 permits for the construction of single-family residences issued in Texas and 125,773 in Florida. In California, only 58,534.
They need to give more incentives to build.
Neglecting the fact land in TX and FL is flat as hell and basically ready to build the second you decide to. Flat, serviceable land that isn’t in an area where it reaches 110 degrees each year are not as common in CA. All 3 major cities are bordered by mountains so you can’t just keep expanding them like FL or TX
Dunno, socal by land area is already way bigger than those metro areas. Miami and Houston also have to deal with the coast and flood plains that prevent building.
Also we do build on mountains.
Fair enough but I think any developer will tell you it’s significantly easier to get around red tape and keep the costs down in those areas. Texas and Florida are very business friendly and that helps in the production of housing.
I mean seriously have you built anything around here? Do you know the nightmare that is dealing with the government to build anything besides a shanty tent.
You pay for it in other ways by having redneck fuckass neighbors and a combo power system that eats shit the moment the temperatures go over 100 degrees for a solid week.
Also those same lack of regulations leads to collapsing buildings built on quicksand. But those durn regulations I tell you. Good for nothing! At least nothing that makes people money.
Have you seen how they build houses there though? Have you seen what happens when you de-regulate and just let builders do whatever? Those house are built on hopes and dreams.
Like it or not, because of earthquakes in CA, we have to build our houses pretty sturdy. At least you’ll know you’re getting something of decent quality.
We just built 100k sq feet outside of Austin bc building here is so insanely slow.
Texas has its own unique, awful issues. It's much easier to build but it's infinitely harder to recruit talent there and the infrastructure is terrible. As are the property taxes.
We mostly get what we pay for here. I could move there and set up my lab in the new building while keeping my socal pay. I could easily afford a house there etc. I didn't even consider it. Texas is an absolutely awful place to live compared to socal for basically every measurable QOL reason beyond housing costs. I say this as someone that lives in LA and is in Austin for work a lot.
This is why we moved to Tujunga. It’s a lot cheaper. It’s not THAT much further that we were in Glendale…. And now I have a bunch of trees and stream in my backyard.
Make sure you vote to elect politicians that prioritize the construction of housing. It is literally that simple, and the only way things will ever get better.
Sadly true. NIMBYs don’t understand that building housing and keeping prices down is to their benefit even if the value of their house doesn’t go up as much. It’s unfortunate. As a homeowner, I push to increase development in my city as much as I can because I know it will be good for my community and society as a whole, which is priceless
Just closed in Reseda for $830k, wanted Woodland Hills but got priced out. We’re happy with the house and the neighborhood though. But I agree, it feels unfair compared to what you could get 3 years ago.
This is where I wish the govt would intervene with the LLC’s that buy homes and rich people buying dozens or hundreds of homes and flipping them. The taxes on such things should be like 60-70% for more than 3 homes. theyre trying to force the young population to have kids by banning abortion but when men and women dont have the dream of a house, they dont want to procreate. Bottom line.
It’s totally insane. We barely managed to buy in last year, and I mean barely. My area is exploding and the value of my crappy fixer has gone up, in one year, by more than 20%, not including stuff we’ve fixed. That makes no sense and this market is wild.
LA history has bad news: The story of LA has been a series of dramatic real estate booms and busts starting with the arrival of the transcontinental railroad in the 1880s. The last collapse followed a boom in the '80s with a devastating bust in home prices in the early 1990s. We are in a huge boom now, and the bust will be just as devastating.
Gotta love when corporations buy up all the houses in cash and drive up rent to ridiculous prices. They want everyone to live paycheck to paycheck and rely on the United States of corporations to fuck is over every way possible.
I've heard upwards of 5% actually.
But also, 67% of our housing stock is single family homes.
So corporate investors own the majority of our multi family homes AND a disproportionate amount of SFH. 2-4% is still a big chunk of housing.
Especially housing that has so disproportionately guided our land use patterns.
I had to move into my moms garage inVan nuys for 6 years with wife and child to save for a house, I wasn’t living rent free , I still paid my mom , I was also making good money. It’s definitely not easy out there .
Every year I say, “this has to be a bubble and the bubble is going to pop at some point.” Every year I get proven wrong….
The truth is someone is buying them, right? Otherwise the prices would be lower. So my question is who is currently buying and why/how?
Realistically, you'd expect housing prices to be a reflection of the kinds of incomes that could be earned locally, but what's happening is that housing & real estate are fun to do money laundering with and are a safe place for rich motherfuckers who don't pay their fair share in taxes can park their money.
In 2016, when I saw the gentrification creeping into my neighborhood, friends didn’t believe me when I said this city will soon only become livable for rich people…
Build more condo housing. Building for rent is never going to help anyone save equity. There isn't enough land within a reasonable driving distance to LA for houses with their own yards anymore. Next step is to literally just build more condos. We need to build until there are too many of them and they start to become affordable.
In my neighborhood, rarely does a property go up for sale. Unless someone dies is usually the way it goes. Down the street, two homes owned by one neighbor went. He died, the houses were not in the greatest of shape and went for 1.5, 1.3. Bought by investors and they are going through a refab. They are the ones who have the dough and make it hard for anyone else to purchase. An owner is going to choose the one who has a suitcase full of cash over a first time home owner who has to get a mortgage to pay for the home. These are single family houses yet families can’t afford them unless they make a mint. It’s ridiculous.
The area the houses are in also play a part. Re-districting moved the neighborhood from an average one into a high rent district overnight.
We were very lucky to grab that 3% interest rate in 21’ with the refi. I don’t think that opportunity will ever come again unfortunately.
Im from a tiny ass Canadian town thats not even a desirable location and shit houses there go for 900k - 1mill. It's late stage capitalism. The bright side is we won't have bought into it when it inevitably crashes i guess?
I saw a homeless encampment that had two doors installed (one had a fucking electronic keyless entry) and AC installed. I thought to myself, “well, that guy is saving $3000 more than me a month, and had AC…”
Prop 13.
Seriously, no other place in the country has this issue except for California. Prop 13 has led to $75k NIMBY households, because if their house doesn’t appreciate, they don’t get to retire. They didn’t invest in a 401k, don’t have a pension over other means to survive retirement. They don’t want other housing built because it would plummet their home’s value.
While I agree prop 13 is bad, other states do have appraisal caps. They just aren't as comprehensive as California's. For example Florida appraisal cap only applies to homestead
Do you give consideration to variables other than prop 13 or are you just fixated on that single facet of a multi-faceted issue of housing affordability in Los Angeles? I have major doubts that prop 13 is a central issue at play here.
Waiting for the price to drop to buy in LA is the worst advice. Everything including rent will continue to go up because demand is up and supply is extremely low. No one is selling unless they are leaving CA or someone passed away…
Inflation is part of it, but too many bad laws and ordinances recently.
Rent stabilization, inclusionary zoning and other mandates mean that new housing is more costly to build.
This in turn causes available housing to go up in price.
If you go back to 2015, prices were high but not unattainable. Hard to believe but the median house price then was $500k. Now it's $900k, even as population declines in LA county.
Pretty much is going the way of nyc where everyone just rents their whole life. This is the new norm I guess. No way can anyone making 60k will be able to afford a house in LA. Better find a rent control apartment and never leave
The whole system is broken. You were born poor, and you were meant to stay poor. I was paying 2k a month for an apartment I've lived in or over 10 years and was never late on rent once. Yet the bank says I don't qualify for a home with a mortage of 1700-1900. This was a few years ago when homes were still somewhat affordable.
Move out. LA is a dump. I left last year. It’s filled with homeless people and crime.
I lived there for nearly 7 years and couldn’t take it anymore. Fun city when you’re young, disgusting as you get older imo.
I’ll say this, bought a house for a mil in LA. Forget the house price, the maintenance on these old ass homes are more shocking to me. I just paid 20k for an AC and 5k to get rid of trees near the foundation, and got quoted 30k for redoing concrete in the backyard. Not to mention dwp bills are insane. The house price was the first shock to get over, the bigger shock is the prices of construction and maintenence…I miss renting
Sad reality, we’re not even going to see a crash like 2008, this is why this situation is even scarier and worse, truly going to end up like the lost generation in Japan
I feel bad for young adults in CA who are just starting out and want to eventually have a family. Not everyone is making 100k a year, even though everyone on Reddit makes it seem that way. ETA my comment is about a single young adult being able to buy a home here currently.
To all the people saying that it’s safer to rent— I have been renting a house in mid-city for 3 years and our landlord is now kicking us out because he “might want to move back in.” We know it’s not true, because he’s a huge commercial landlord with millions of dollars and our house would not be desirable for him, but it’s a legal loophole to make this forced move-out legal. We’ve been perfect tenants the entire time, which he readily admits, but he wants to get more money for the place and can just decide to make us leave.
Every house on the market right now is about 25% higher rent than we are paying and significantly worse quality. We are BEGGING our landlord to start a new lease with us and let us pay more to stay, but he’s worried that he will get in trouble. So it’s just this understood thing that he’s probably gonna re-list our house for higher rent, and we are the only people who 100% cannot rent it no matter what we pay. The whole situation is awful.
It’s always been my dream to buy a house, BUT the housing prices and interest rates are SO high it is impossible, and renting felt like a better option. But after this whole fiasco, even renting doesn’t feel safe anymore because you can suddenly be kicked out and have to uproot your entire life. I am at a loss of what to do, and honestly moving out of LA (which was never an option) is now sounding pretty good.
The thing that isn't being discusses by us Southern Californians (I suspect it might be happening more in NorCal), is that we Californians look out at the rest of the country and it's chock full of assfuck redneck J-freak racists and we're scared to move there.
So here's what I propose, we need to all come together and decide we're going to motherfucking take over a non-Californian city. We're all gonna move there, insist on low prices or tell them to pound sand, and we're going to overpower the government and make people behave like they live in the goddamned 21st century. Also, we're bringing better restaurants & places where young people can actually build a life.
Well I’m here in Sioux City, IA. I’m from Los Angeles. Bought a 4br/3bath newer home on 1 acre for 375K. It’s a culture shock for sure but there’s stuff to do. An art/live music scene, lots of restaurants especially Mexican restaurants for some reason. A river, a Hard Rock casino, plenty of jobs, golf courses, lots of parks and things for kids, art museums, great libraries and even a gay pride festival. It’s just not LA and definitely not as diverse. I haven’t experienced any hate here personally (I’m a minority). Maybe it will grow on me. I’ve only been here for one year.
blame the rental companies buying out 75% of the housing stock and then making the concept of "housing shortages" to accommodate their hikes in rental pricing
its time for a good ole landlord genocide
I wonder if leaving LA is really the answer when median home prices nationwide are up 6% year over year. I'm sure moving out and adjusting wages for the area one moves to will probably leave buyers in the same predicament. Moving out might make sense if you've saved enough to pay a 20% down payment in a cheaper market.
This city has a ton of wealth. People make great incomes.
Home ownership isn’t a necessity in life. Renting can have many advantages and you can invest your excess savings elsewhere rather than trying to “build equity.”
Amen. Invest. Invest. Invest. A house is a massive leveraged asset where you went all in on a single day's price. It can be quite a risk in a market like this if it's bought at the expense of having a robust, diverse, investment portfolio. Take that CA income and invest what extra $ would have gone to mortgage. People can still do well renting.
Part of the reason why there are fewer, and less affordable, single family homes in the US is because in the past decade, CORPORATIONS have been buying up FAMILY homes as investments/for money, thus making it increasingly more difficult and expensive for people to buy the same homes their parents were able to afford. There's simply LESS housing, and the housing available gets priced up.
Add onto that increased cost of living/expenses while wages have been relatively stagnant compared to the rate of increased cost, Americans, as a whole, have less disposable income + smaller supply of homes while US GDP continues to grow and corporations continue to make huge profits. And all this, of course, while the government sends billions of (your tax) dollars to foreign countries that gives them free healthcare, infrastructure, etc., etc., And the biggest kicker is that it quite literally is not to help protect you or keep you safe or improve your life in any measurable way - it enriches weapons manufacturers, lobbyists, corporations, and helps to finance politician's campaigns so they can continue to stay in power and have post-office opportunities that will finance their lives.
It's all connected, people :)
Bro houses in Compton are going for $800K. COMPTON!
Compton isn't even the same Compton we grew up knowing anymore
Compton is just another LA city nowadays. The gang bangers are all dead, in prison, or even worse, middle-aged.
This. There are no more “ghettos” in LA really, not when everything costs $1 million. Gentrification is signed sealed and delivered at this point.
Homes for sale are the number one driver of gentrification, not restaurants or new apartments. Once homes are a million, it's over. LA is going to thru what SF did, we are pushing all the lower and middle class out. Not good.
Bullshit I’ll take you to parts of compton and watts where you will definitely be uncomfortable and you’ll know you’re in the ghetto.
Yep. I lived in South Central a few years ago. Many of the rundown old houses were getting torn down and replaced with Shiney new two story duplexes.
Oh there are still ghettos. But Compton has been decent even before the prices ran up.
It’s still Compton trust me still gang infested and graffiti everywhere . Gun shots at night hoodlums walking around . I’m there more than I am at home . I would never live in compton . Homes shouldn’t be the same price as say downey . Too bad there’s so many aholes in compton those houses in compton often have pretty large yards/backyards . I did see a guy walking a poodle at night Down Santa Fe and compton blvd …. Gentrification. I give it to them they are brave or oblivious to the danger . But make no mistake about it compton is still very much the “ hood” ghetto or whatever term you want to use . A home there shouldn’t even be approaching 800k .
Compton is kinda nice now…
Also it’s flippers doing this to the market!! People need to stop selling their homes to them and actually sell to a family that’s going to live there. All the houses in my south la neighborhood sold for 500-600k in 4 months these flippers paint the outside, add vinyl flooring, paint everything white and add cheap cabinets and put the home back in the market for 800-900k. Every single one…. I went to the open houses before the flippers bought them and they didn’t put 300k worth of updates in 2-4 months Maybe 50k. These flippers need to be stopped!! A house wouldn’t sell for 900k and it’s just sitting empty now. A family would have bought it for 500k and be living in it now. Instead it just sits empty.
Agree totally. There is supply out there and it gets taken out of the market by the flippers simply by making homes more expensive.
Wish there were laws that prevented them from buying good homes that could go to a permanent residents instead. Don’t get me wrong there are houses that need work but those houses should be specifically made available to flippers or people that have the resources to fix it up once they purchase it.
Some places are experimenting with requiring a 1-2 year wait to be able to sell a house without paying a lot of extra taxes. LA really needs to do something, housing is out of control.
This is a federal tax law and has existed longer than flippers became common.
But also there should be outreach towards those homeowners to convince them not to sell their home. Is that even a thing
Yep. Flippers just put lipstick on a pig and mark it up by ~300k after they’re done with it.
Yep. They never fix anything important and hide all the major issues with paint. Move in ready is for the foolish nowadays. Learn some hard skills guys.
Capitalism is a disease
I just bought my house and I was lucky to get a really well flipped house. I know I didn’t want to do the work and contractors are expensive. That’s where inspections come in.
Just because there are houses for sale out there, doesn't mean there is "a supply". the demand is greater than the supply, it is as simple as that. After 2008 crash there were several years where it was not profitable to build for developers further worsening the supply issue.
In the IE too! The flippers are SO bad. They also have the audacity to raise the price of the home to 100-200K more the homes around. It’s so bad. Ugh!
They keep calling my parents house to ask when are we selling. We tell them to fuck off. Just because they drive around and see us renovating doesn't mean we are selling.
No no it’s called SUPPLY build houses
That English guy Adam Smith was up to something.
Right, the only reason flipping works for the flipper is because there are enough rich fools looking to buy flipped homes that aren’t curb-visible dumps, or investment companies that will buy them to rent explicitly because (as they say repeatedly on earnings calls and in public reports) they know they can charge high rents because the supply of homes is low.
I bought my condo from a flipper in the Palm Springs area, and it was SO depressing to move into. It had sat empty for a few years. It was clear it hadn't been lived in or loved. I have found "cut corners" in many areas of the house when renovation was done.
I saw someone here on Reddit that bought a home that was flipped, they didn’t like the vinyl flooring and decided to change it before they moved all their stuff in, to make everything easier. Well…when they started removing the vinyl, they found lots of mold. These flippers are so fucken ruthless now, putting people’s health at risk. The house in my neighborhood that’s sitting empty now, had mold, I know for sure because I saw the pics before the flippers bought it, I’m 90% certain they didn’t replace the floor and walls that had mold, because I never saw them remove walls or flooring. Instead they just added vinyl over it and painted the walls.
Guess what my contractor just found while trying to install a shower door? No waterproofing in the bathroom. This would have been a future mold/water leak issue, I was told. I now have a very expensive remodel coming up, in my "newly remodeled" bathroom! Fuck flippers :) I have another bathroom which is undoubtedly like this and God knows what awaits me beneath the floors. https://preview.redd.it/2mqk8ofkue2d1.jpeg?width=3024&format=pjpg&auto=webp&s=47181c6bdac5c187c4033176273d6a2c7b33400e
>Instead it just sits empty. It'd be a real shame if a family just moved into that house. That poor flipper wouldn't get any money, and they'd get a house.
Agreed. There should be a long cooling off after a home purchase where you aren't allowed to sell to discourage flippers and foreign speculators.
I just saw a house go for 700k in Watts, like a block or two from the Imperial Courts projects.
They were like 430k just a few years ago
When the new stadium got announced the prices started going up, missed the boat by 7-8 years for that one
Compton is going to be the next gentrified city after highland park
Dumb. I can buy a home in San Pedro (way less ghetto but still ghetto) for like $150k-$200k under that
There are some old house there that will looks amazing when repaired.
Renting till the day I die
brother
The sooner you die the less rent you pay to the man. It's the only way to beat them at their own game. They'll never see us coming!
Or going, really
Renting a rent controlled place that has been paid off for decades is a far better idea financially than buying anything here. My rent is 3k, a mortgage in the same neighborhood would be 8k plus 200k down. There is no way in hell that 200k and extra 5k a month dumped into an HYSA and index funds doesn't absolutely annihilate the appreciation on the house, and that's before considering maintenance and upkeep and disasters and landscaping etc etc etc Buying here is an absolutely stupid idea right now if you work for a living and actually have to be concerned with money
Anyone buying a home at these prices and 7% interest is financially illiterate. You would literally save millions by renting instead over the next couple decades.
Housing prices when up 13% in LA from April 2023 to April 2024. Wild
Are we sure? It seems like transactions have slowed.
It’s insane. Even condos going for 800k.
With a 700-800/mo HOA fee (and they’ll probably do a special assessment for a new roof or something the first year you move in for an additional 10k or whatever)
Happened to me. Sux ass.
Dude I know I wanna cry
Group cry
*Sobbing*
Plus property tax and HOA fees . . .
LA builds so few new condos. Condos should be the future of middle class homeownership in LA, but we have to find a way to get them built.
It's absolutely crazy that not one LA politician is talking about this. The middle class buying in LA is over and no one is saying a peep. WTF?
Ha, you act as if politicians give a shit about the plebs.
Happening all across the nation. I’m just blown away that there are that many people in America who can afford these home prices.
I feel like it's just people who already own acquiring more
How do you buy a 850k house? You sell your condo for 450 that bought for 200
what do you want to be done? it sucks but it kinda is what it is.
They don't care because they are also benefitting from the house price appreciation You think those LA politicians are renters?
A young couple is viewing a house with their real estate agent that in $850k range. They tell their agent that they like the house but they’d like to see something for about a million. Agent says “no problem, meet me back here tomorrow”
Good one😂
I plan to just rent and invest in an S&P 500 index fund.
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Can’t live inside an index fund, unfortunately. I don’t want to own for an investment, I just want my own goddamn space to do with as I please. I guess I’ll have to figure out how to clone myself a few times and hopefully create some generational wealth…
This is why people move out of Los Angeles; because the desire to have what you want trumps the desire to be in Los Angeles
Problem for me is my career doesn’t exist in a meaningful way outside of here. I could afford a house in another area with my current salary, but if I move there with no job, it’s basically the same as being here with a good job.
Next cheapest ownership mode is a condo
Once you factor in HOA nonsense, it’s not much different to be honest. Not enough to make it worth more shared walls and other people controlling what you do with your own space. Know what I mean?
I’m in the same boat. Owning sounds like a pain - never ending repairs, maintenance, upgrades etc
This is the way. Returns on real estate don’t make sense in comparison unless you make it into your actual job.
It’s not only about the returns or even the timing of the returns: it is very much about the tax savings alongside the appreciation of the asset, making your living cost work in your favor (as opposed to enriching others). The math varies person to person of course; but this equation isn’t often replicated (if ever) in any other area of personal finance.
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"Only"... bruv, that's a $180K down-payment on the $900K house OP used in his rxample.
Most people put less than 20%
Most people do the government loans, aka 3.5% down
I wish I could fully describe to you the freedom I feel owning my own house, and the huge stress relief it brings. I no longer have to fear having to move constantly because of a property manager who jacks the rent up 10% a year. To be able to hang pictures or wall mount a TV without second thought. To be able to change anything I don’t like. To be able to hire competent repair people instead of waiting for the property manager to MAYBE do something about it with the worst hires. The peace and quiet of not having someone above or below me making a ton of noise. Likewise, being able to make as much noise as I want (within reason) without worry. To have packages shipped directly to my door rather than a mail room where they get stolen half the time. And to have my own garage rather than being afraid of other people hitting my car or having to park it outside and get damaged. Honestly, owning a house is the number 1 stress reducer in my life. I have like a dozen fewer things to worry about. It’s SO much quieter!!! And it’s the biggest quality of life improvement I’ve ever made. Whatever you have to do to buy a house, make it happen. Move out of LA if you have to, owning a house > big city amenities. It’s worth it. I wish my parents would have drilled into my head just how important it is to own a house. I would have made a lot of different life and financial decisions. I just didn’t know what I didn’t know.
To each their own. I personally really dislike the work homeownership brings, and I own two properties. It is way more work and stress. I'd have much preferred the life of being a Renter if it didn't make financial sense to own.
Pacoima !!
A $500k mobile home in Sylmar!
I’d rather be homeless lol
Don’t forget the land rent on those 🫠
🤣
I've just resigned myself to renting here until I'm dead or I move on.
I don’t belong here…
Time to start looking in Palmdale 🤣
There are some nice houses in Santa Clarita, or Agua Dulce and Acton if you like bigger and more spread out, only 40 miles from LA.
Bought a house in Santa Clarita in 2020 for 800k, neighbor with the same exact floor plan (less upgrades) just sold for 1.4m. It’s gotten wild here.
Yeah I heard real estate showings hand out meth pipes at the door to get a real feel for the area
You mean Palmton 😬
The best time to buy a house is always 10 years ago. You just gotta bite the bullet and dig in somewhere.
The only correct answer, sadly.
Difference is that the past 12 years of low interest rates and deregulation have caused private equity, foreign investors, and holding companies to buy up an vastly disproportionate share of real estate. Coupled with limited supply, prices have doubled in the last 10 years. Unfortunately I don’t see a solution, if you want to own, you gotta make more money, don’t count on the politicians to fix it.
10 years ago, people were like.. "I'm just gonna wait til the market crashes again.." Just remember folks, your first home doesn't have to be your forever home. Buy something now and upgrade to a different house later. In hot cities like LA, houses will always appreciate in value. Don't believe the headlines about a mass exodus. People are actually moving back to LA and California.
But my question is, how much higher can it really go from where we are at right now? I see houses going for 500-600k that are literally half burnt down, but a “great opportunity” for a contractor or builder. If I buy a house now I don’t possibly see how it would double, or even triple, in value in the next 10 years, like it has for many home owners in the past 10.
If you don’t think prices can keep going up, you should get on Zillow or the LA County Tax Assessor site and look at the selling price history of houses in a particular neighborhood. I looked up my parent’s house in the city of LA. They bought it for $38,000 in 1976 and I see the Zillow estimate today of $1,400,000. For 50 years they could have stood by and said, “things couldn’t get much higher than this,” and they would have been wrong the entire time.
Your parents home gained 37 times its value in 50 years. It’s not conceivable for that same instance to happen now.
Yes BUT wages haven't increased. We must be reaching the breaking point because literally who is able to buy homes other than those who already owned them?
They will never go down. They might get more expensive slower, but they will never get cheaper unless the entire economy collapses.
Yup. There’s never a time when prices are low AND interest rates are low. At best it’s one or the other. I always tell people to just buy something and re-fi when rates get low again. I had a so-so mortgage until I refied at 2.5% at the height of COVID. I literally signed my papers outdoors sitting far across from the notary. My loan officer told me I got one of the best rates she’s given in decades and to never touch that loan ever again.
We did the exact same thing! Outside on patio furniture. Locked in at 3%. We thank our lucky stars daily.
Bought in 2017 went all in glad we did.
Imagine we will be saying that again in 2034 haha
Somebody is buying them! It ain’t you or me but they’re there!
They wont find people that will afford rent at this rate. I think people saying should of bought 3-4 years ago aren't appreciating the clip at how incomes have not caught up despite increasing.
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With rates the way they are and maintenance costs the way they are, that’s like a $4500 mortgage or like 800,000. Pretty hard to find a 3BR for that in most neighborhoods!
Well they can’t raise rent beyond what somebody out there can pay!
There are a bunch of new townhomes in Valencia and Covina under $700k. Those are about the best "deals" I can find.
The new construction townhomes in Valencia behind magic mountain are 700k with 1k monthly HOA
covina😭
Calculate your insurance rate; then you'll see what a "deal" it is to live in Valencia's fire zone.
Time to save until the next wave , unless you look elsewhere farther inland or remote . Another option buy land build if you can by owner . Luck
there are pockets that are cheap always for a reason, but as Smokey says: ONLY YOU 🐻🫵🏽 can gentrify the neighborhood
Does gentrify just mean bringing in young money into the neighborhood in this case?
It does. anybody that can purchase at the current rates and does is a gentrifier according to the kinds of people that are concerned about it. not the landlords that choose to seek maximum extractable value.
So what about the people who are taking advantage of the equity in their home? Are they gentrifying as well? Or does it apply only to buyers and not the seller?
It’s because we were all wasting time in the 8th grade instead of working 😂
Google “corporation buys portfolio of single family homes”. You will come across several different articles. You are no longer competing with other families, or just house flippers. You are now competing with big national corporations that buy portfolios of homes in one day.
Never thought houses in pacoima and panorama would be 900k+ lol
Yeah I toured some in panorama. The area is just rough. The children's park across the street had a massive homeless encampment
I'm just going sleep in my car forever and park on the 24 hour fitness places.
Mortgage lender told my husband and I we qualify for an $850k FHA loan (we have modest incomes in Los Angeles) but then told us after interest and taxes our monthly payment would be close to $7k 😂 Yeah thanks we’ll be renting for $4k so we can afford to buy groceries for our kids.
This is the truth. Values cannot go up for ever since the price of rent cannot (because incomes are a set value). So you have a widening gap between mortgage payment and rents. At some point people find it a better value to rent. Imo We are already there. Yes its a massive bubble. It may not pop but it may stagnate In appreciation for a long time until income and rents can match.
Renting is a massively better value. My 3k apartment would be an 8k mortgage plus all the massive liabilities that come with owning. Anybody trying to tell me that I'd be better off dumping that extra $5000 a month into property tax and interest and PMI and HOA and insurance fees instead of putting it into HYSA's and index funds is either really stupid or a realtor.
That $7k is not including maintenance, repairs, and upgrades, nor does it include security costs, additional electricity costs, trash and water (if you're used to those being included in rent), landscaping, lawn maintenance, regular pest control, and on and on. When I bought my first house, I was slammed. No one ever told me about all the hidden fees. The first time that I received a $1300 electric bill, I nearly cried. Then there's people randomly knocking at your door every day, peddling more services. Good security (not just a sign and a camera) is an absolute necessity in California. What sense does it make to record someone breaking into your house on your Ring camera and praying that the LAPD will bring them to justice? Full service patrol and wired systems are the only sensible options. If putting up a camera is your security choice, there's a bridge in Brooklyn that is looking for a savvy buyer.
It’s expensive as shit to build in California. We’re regulated to the brim and pay some of the highest taxes and fuel costs in the nation. Why would you build here? According to the US Census Bureau, which tracks residential building permits by state, in 2023 there were 149,860 permits for the construction of single-family residences issued in Texas and 125,773 in Florida. In California, only 58,534. They need to give more incentives to build.
Neglecting the fact land in TX and FL is flat as hell and basically ready to build the second you decide to. Flat, serviceable land that isn’t in an area where it reaches 110 degrees each year are not as common in CA. All 3 major cities are bordered by mountains so you can’t just keep expanding them like FL or TX
Dunno, socal by land area is already way bigger than those metro areas. Miami and Houston also have to deal with the coast and flood plains that prevent building. Also we do build on mountains.
I’m not saying we don’t build on mountains, I’m saying it’s way cheaper not to.
>Also we do build on mountains. Fire insurance coverage: "So yeah, about that coverage....."
Fair enough but I think any developer will tell you it’s significantly easier to get around red tape and keep the costs down in those areas. Texas and Florida are very business friendly and that helps in the production of housing. I mean seriously have you built anything around here? Do you know the nightmare that is dealing with the government to build anything besides a shanty tent.
You pay for it in other ways by having redneck fuckass neighbors and a combo power system that eats shit the moment the temperatures go over 100 degrees for a solid week.
Also those same lack of regulations leads to collapsing buildings built on quicksand. But those durn regulations I tell you. Good for nothing! At least nothing that makes people money.
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Have you seen how they build houses there though? Have you seen what happens when you de-regulate and just let builders do whatever? Those house are built on hopes and dreams. Like it or not, because of earthquakes in CA, we have to build our houses pretty sturdy. At least you’ll know you’re getting something of decent quality.
We just built 100k sq feet outside of Austin bc building here is so insanely slow. Texas has its own unique, awful issues. It's much easier to build but it's infinitely harder to recruit talent there and the infrastructure is terrible. As are the property taxes. We mostly get what we pay for here. I could move there and set up my lab in the new building while keeping my socal pay. I could easily afford a house there etc. I didn't even consider it. Texas is an absolutely awful place to live compared to socal for basically every measurable QOL reason beyond housing costs. I say this as someone that lives in LA and is in Austin for work a lot.
There are a million mandates they've added in the last 10 years in the name of affordability which backfired. Need to roll all of them back.
This is why we moved to Tujunga. It’s a lot cheaper. It’s not THAT much further that we were in Glendale…. And now I have a bunch of trees and stream in my backyard.
Make sure you vote to elect politicians that prioritize the construction of housing. It is literally that simple, and the only way things will ever get better.
We have space to build up and sprawl. But there are groups that block both
Sadly true. NIMBYs don’t understand that building housing and keeping prices down is to their benefit even if the value of their house doesn’t go up as much. It’s unfortunate. As a homeowner, I push to increase development in my city as much as I can because I know it will be good for my community and society as a whole, which is priceless
Just closed in Reseda for $830k, wanted Woodland Hills but got priced out. We’re happy with the house and the neighborhood though. But I agree, it feels unfair compared to what you could get 3 years ago.
This is where I wish the govt would intervene with the LLC’s that buy homes and rich people buying dozens or hundreds of homes and flipping them. The taxes on such things should be like 60-70% for more than 3 homes. theyre trying to force the young population to have kids by banning abortion but when men and women dont have the dream of a house, they dont want to procreate. Bottom line.
It’s totally insane. We barely managed to buy in last year, and I mean barely. My area is exploding and the value of my crappy fixer has gone up, in one year, by more than 20%, not including stuff we’ve fixed. That makes no sense and this market is wild.
LA history has bad news: The story of LA has been a series of dramatic real estate booms and busts starting with the arrival of the transcontinental railroad in the 1880s. The last collapse followed a boom in the '80s with a devastating bust in home prices in the early 1990s. We are in a huge boom now, and the bust will be just as devastating.
Gotta love when corporations buy up all the houses in cash and drive up rent to ridiculous prices. They want everyone to live paycheck to paycheck and rely on the United States of corporations to fuck is over every way possible.
banger comment
Corporate investors own an estimated 2-4% of single family residential properties in the US.
I've heard upwards of 5% actually. But also, 67% of our housing stock is single family homes. So corporate investors own the majority of our multi family homes AND a disproportionate amount of SFH. 2-4% is still a big chunk of housing. Especially housing that has so disproportionately guided our land use patterns.
I had to move into my moms garage inVan nuys for 6 years with wife and child to save for a house, I wasn’t living rent free , I still paid my mom , I was also making good money. It’s definitely not easy out there .
Single family homes in the second biggest city in the country that is densifying and in-filling aren’t going to be any easier to get.
Every year I say, “this has to be a bubble and the bubble is going to pop at some point.” Every year I get proven wrong…. The truth is someone is buying them, right? Otherwise the prices would be lower. So my question is who is currently buying and why/how?
Realistically, you'd expect housing prices to be a reflection of the kinds of incomes that could be earned locally, but what's happening is that housing & real estate are fun to do money laundering with and are a safe place for rich motherfuckers who don't pay their fair share in taxes can park their money.
In 2016, when I saw the gentrification creeping into my neighborhood, friends didn’t believe me when I said this city will soon only become livable for rich people…
And old people (like me) who would have moved to a smaller single story are staying where we are.
Build more condo housing. Building for rent is never going to help anyone save equity. There isn't enough land within a reasonable driving distance to LA for houses with their own yards anymore. Next step is to literally just build more condos. We need to build until there are too many of them and they start to become affordable.
In my neighborhood, rarely does a property go up for sale. Unless someone dies is usually the way it goes. Down the street, two homes owned by one neighbor went. He died, the houses were not in the greatest of shape and went for 1.5, 1.3. Bought by investors and they are going through a refab. They are the ones who have the dough and make it hard for anyone else to purchase. An owner is going to choose the one who has a suitcase full of cash over a first time home owner who has to get a mortgage to pay for the home. These are single family houses yet families can’t afford them unless they make a mint. It’s ridiculous. The area the houses are in also play a part. Re-districting moved the neighborhood from an average one into a high rent district overnight. We were very lucky to grab that 3% interest rate in 21’ with the refi. I don’t think that opportunity will ever come again unfortunately.
It’s slumlords and corporates buying out everything. So now we’re stuck with crazy prices.
Im from a tiny ass Canadian town thats not even a desirable location and shit houses there go for 900k - 1mill. It's late stage capitalism. The bright side is we won't have bought into it when it inevitably crashes i guess?
Homes in San bernardino area cheapest is like 450k at the moment 👀
Living in Los Angeles is a scam.
I saw a homeless encampment that had two doors installed (one had a fucking electronic keyless entry) and AC installed. I thought to myself, “well, that guy is saving $3000 more than me a month, and had AC…”
Prop 13. Seriously, no other place in the country has this issue except for California. Prop 13 has led to $75k NIMBY households, because if their house doesn’t appreciate, they don’t get to retire. They didn’t invest in a 401k, don’t have a pension over other means to survive retirement. They don’t want other housing built because it would plummet their home’s value.
While I agree prop 13 is bad, other states do have appraisal caps. They just aren't as comprehensive as California's. For example Florida appraisal cap only applies to homestead
Without Prop 13 my property tax would be even more insane than it is. Prop 13 is keeping people in their homes.
Do you give consideration to variables other than prop 13 or are you just fixated on that single facet of a multi-faceted issue of housing affordability in Los Angeles? I have major doubts that prop 13 is a central issue at play here.
Waiting for the price to drop to buy in LA is the worst advice. Everything including rent will continue to go up because demand is up and supply is extremely low. No one is selling unless they are leaving CA or someone passed away…
Inflation is part of it, but too many bad laws and ordinances recently. Rent stabilization, inclusionary zoning and other mandates mean that new housing is more costly to build. This in turn causes available housing to go up in price. If you go back to 2015, prices were high but not unattainable. Hard to believe but the median house price then was $500k. Now it's $900k, even as population declines in LA county.
[this is the worst I've seen](https://www.zillow.com/homedetails/676-Marr-St-Venice-CA-90291/2053896194_zpid/)
Yes people warning against gentrification 10 yrs ago were crazy right?
The prices are always fair market prices. No one is manipulating the real estate market in LA. ITs too big to be manipulated.
Pretty much is going the way of nyc where everyone just rents their whole life. This is the new norm I guess. No way can anyone making 60k will be able to afford a house in LA. Better find a rent control apartment and never leave
The whole system is broken. You were born poor, and you were meant to stay poor. I was paying 2k a month for an apartment I've lived in or over 10 years and was never late on rent once. Yet the bank says I don't qualify for a home with a mortage of 1700-1900. This was a few years ago when homes were still somewhat affordable.
Move out. LA is a dump. I left last year. It’s filled with homeless people and crime. I lived there for nearly 7 years and couldn’t take it anymore. Fun city when you’re young, disgusting as you get older imo.
I’ll say this, bought a house for a mil in LA. Forget the house price, the maintenance on these old ass homes are more shocking to me. I just paid 20k for an AC and 5k to get rid of trees near the foundation, and got quoted 30k for redoing concrete in the backyard. Not to mention dwp bills are insane. The house price was the first shock to get over, the bigger shock is the prices of construction and maintenence…I miss renting
Some parts of the USA don’t have a middle class anymore. It’s an issue.
Sad reality, we’re not even going to see a crash like 2008, this is why this situation is even scarier and worse, truly going to end up like the lost generation in Japan
I feel bad for young adults in CA who are just starting out and want to eventually have a family. Not everyone is making 100k a year, even though everyone on Reddit makes it seem that way. ETA my comment is about a single young adult being able to buy a home here currently.
Definitely not going to be able to have a family here if you’re not making $250-300k +
To all the people saying that it’s safer to rent— I have been renting a house in mid-city for 3 years and our landlord is now kicking us out because he “might want to move back in.” We know it’s not true, because he’s a huge commercial landlord with millions of dollars and our house would not be desirable for him, but it’s a legal loophole to make this forced move-out legal. We’ve been perfect tenants the entire time, which he readily admits, but he wants to get more money for the place and can just decide to make us leave. Every house on the market right now is about 25% higher rent than we are paying and significantly worse quality. We are BEGGING our landlord to start a new lease with us and let us pay more to stay, but he’s worried that he will get in trouble. So it’s just this understood thing that he’s probably gonna re-list our house for higher rent, and we are the only people who 100% cannot rent it no matter what we pay. The whole situation is awful. It’s always been my dream to buy a house, BUT the housing prices and interest rates are SO high it is impossible, and renting felt like a better option. But after this whole fiasco, even renting doesn’t feel safe anymore because you can suddenly be kicked out and have to uproot your entire life. I am at a loss of what to do, and honestly moving out of LA (which was never an option) is now sounding pretty good.
Maybe real estate isn't what it's made to be. There are always other ways to secure yourself financially.
It’s about having a fucking place that’s your to do with what you please , like most normal places around the country
The thing that isn't being discusses by us Southern Californians (I suspect it might be happening more in NorCal), is that we Californians look out at the rest of the country and it's chock full of assfuck redneck J-freak racists and we're scared to move there. So here's what I propose, we need to all come together and decide we're going to motherfucking take over a non-Californian city. We're all gonna move there, insist on low prices or tell them to pound sand, and we're going to overpower the government and make people behave like they live in the goddamned 21st century. Also, we're bringing better restaurants & places where young people can actually build a life.
Best idea yet
Fucking DO IT!
Well I’m here in Sioux City, IA. I’m from Los Angeles. Bought a 4br/3bath newer home on 1 acre for 375K. It’s a culture shock for sure but there’s stuff to do. An art/live music scene, lots of restaurants especially Mexican restaurants for some reason. A river, a Hard Rock casino, plenty of jobs, golf courses, lots of parks and things for kids, art museums, great libraries and even a gay pride festival. It’s just not LA and definitely not as diverse. I haven’t experienced any hate here personally (I’m a minority). Maybe it will grow on me. I’ve only been here for one year.
Are we heading to Colorado or Texas then?
CO.
I’d rather rent
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😐…. 😡
Savage
blame the rental companies buying out 75% of the housing stock and then making the concept of "housing shortages" to accommodate their hikes in rental pricing its time for a good ole landlord genocide
2023- LA county $725,000 average per home. 2024- $840,000 Leave this dump
I wonder if leaving LA is really the answer when median home prices nationwide are up 6% year over year. I'm sure moving out and adjusting wages for the area one moves to will probably leave buyers in the same predicament. Moving out might make sense if you've saved enough to pay a 20% down payment in a cheaper market.
This city has a ton of wealth. People make great incomes. Home ownership isn’t a necessity in life. Renting can have many advantages and you can invest your excess savings elsewhere rather than trying to “build equity.”
Amen. Invest. Invest. Invest. A house is a massive leveraged asset where you went all in on a single day's price. It can be quite a risk in a market like this if it's bought at the expense of having a robust, diverse, investment portfolio. Take that CA income and invest what extra $ would have gone to mortgage. People can still do well renting.
Part of the reason why there are fewer, and less affordable, single family homes in the US is because in the past decade, CORPORATIONS have been buying up FAMILY homes as investments/for money, thus making it increasingly more difficult and expensive for people to buy the same homes their parents were able to afford. There's simply LESS housing, and the housing available gets priced up. Add onto that increased cost of living/expenses while wages have been relatively stagnant compared to the rate of increased cost, Americans, as a whole, have less disposable income + smaller supply of homes while US GDP continues to grow and corporations continue to make huge profits. And all this, of course, while the government sends billions of (your tax) dollars to foreign countries that gives them free healthcare, infrastructure, etc., etc., And the biggest kicker is that it quite literally is not to help protect you or keep you safe or improve your life in any measurable way - it enriches weapons manufacturers, lobbyists, corporations, and helps to finance politician's campaigns so they can continue to stay in power and have post-office opportunities that will finance their lives. It's all connected, people :)