Should You Buy or Rent a House in Los Angeles?

should-i-use-all-my-savings-to-buy-a-houseIt is known that Los Angeles is one of the most expensive cities in US, including housing. Buying or renting a house here is extremely expensive. Most of the people prefer renting instead of owning a house.  Los Angeles has the highest percentage of renters in the country and things are not looking to change in the near future.

Your financial possibilities dictate if you should buy or rent a house in Los Angeles.  But, no matter what you choose, hire a one of the many Los Angeles movers upon relocation.

Housing in LA is extremely expensive because the City of Angeles is a glamorous metropolitan area and an important center for many industries: entertainment, science, fashion and commerce.  Every artist wants to live in LA residential areas and every company wants to have business backed in LA. Many districts are practically forbidden to commoners, being too expensive. In places live Hollywood, Beverly Hills or Bel Air live only exclusive communities of rich people.

Los Angeles has 80 districts, so there are plenty of offers to choose from.  People prefer to rent rather than buying because typically an apartment here costs way over $100.000. For example, the median three-bedroom residence in LA would run around $400.000.

The prices have spiked recently, but the new housing laws adopted by the senate, especially Senate Bill 1818 offer bonuses for home developers with newly built community housing projects that also offer limited number of units for low or medium income earners.

If you plan to rent an apartment, you must scan the market first. Prices vary a lot, starting from as low as $600 up to several thousands of dollars per month.  We also recommend you to inform more about each neighborhood and avoid areas with high criminality

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