I used to live in LA for four years, I moved back to Chicago for family reasons,
but among the reasons was lack of affordable housing, and this is coming from someone who makes 125k per year or a little more.
Just wondering what your thoughts were. I used to live in Santa Monica and left in 2003. Housing was still affordable when I got to LA in 1999, but couldnt buy during that time cuz I was in residency.

LA is a great place, but if its not affordable then what is the point?
I myself have decided not to return to LA unless I was moving back and could afford a place.
I believe that many levels of services will be at jeopardy if there isnt affordable housing, at the blue collar level and at the white collar level as well. I found working as an internal medicine doctor in California to be miserable, too little pay for too much work.

I love LA to death, but I didnt want to be worked to death.
I hope to live there again someday, but I will never work there again as a doc. I let my California License expire.

Los Angeles least affordable home-buying market
Los Angeles Business from bizjournals - 2:10 PM PST Thursday, February 22, 2007
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Los Angeles is the least-affordable housing market in the United States and 18 of the 20 least affordable housing markets are in California, according to a California Building Industry Association report released Thursday.

Los Angeles County has the nation's lowest rate of housing affordability with only 2 percent of homes sold during the fourth quarter considered affordable to the county's median-income family. Nationally, 41.6 percent of homes are considered affordable and in 98 of the metro areas more than half of the homes are considered affordable.


This is the ninth consecutive quarter that Los Angeles has been the least-affordable city of the 202 metro areas surveyed, according to the report. After Los Angeles, Monterey, Orange, Napa and Merced rounded out the five least-affordable regions in the state.

"Despite all of the doom and gloom about housing prices dropping, affordability has improved only slightly and only in some parts of the state," said CBIA chairman Wes Keusder, owner of Keusder Homes in Costa Mesa, in a release. "A one or two percent drop in price has little effect on affordability."

The percentage of Californians who own their homes is 57 percent, 13 percentage points below the national average, according to CBIA. Only one county statewide -- Butte County -- has an affordability rate of more than 25 percent.

The closely watched affordability index calculates the percentage of homes sold in an area that a family earning the region's median income could purchase during the three-month period. Analysts estimate buyers will finance 90 percent of the home with a 30-year fixed mortgage.

A home in L.A.? Forget it
Prices have dipped, but the area continues to rank as nation's least-affordable for buyers. In the fourth quarter, just 2 percent of the homes sold were affordable to families earning a median income of $56,200.
By Gregory J. Wilcox
Staff Writer

Los Angeles maintained its firm grip on the unenviable title as the nation's least-affordable housing market in the fourth quarter of last year, according to a survey released Thursday.

This is the ninth consecutive quarter that the Los Angeles/Long Beach area anchored the National Association of Home Builders/Wells Fargo Housing Opportunity Index.



In the October-through-December period, just 2 percent of the homes sold here were affordable to families earning a median income of $56,200. The median-priced house in that time cost $525,000.

By comparison, 40.4 percent of homes sold nationwide in the last quarter were affordable to families earning the median income of $59,600. But the national median price averaged $248,000 during the quarter.

California also accounted for 18 of the nation's 20 least affordable markets and the top seven least affordable, according to the index.

During last year's fourth quarter, appreciation rates moderated in most of the state markets and prices fell in some, but it was not enough to change a well-entrenched trend.

For example, affordability in the Los Angeles area inched up from 1.6 percent in the third quarter, according to the survey.

"A 1 or 2 percent drop in price has little effect on affordability," Wes Keusder, chairman of the California Building Industry Association and owner of Costa Mesa-based Keusder Homes, said in a statement.

Indianapolis, where 89 percent of homes sold in the fourth quarter were affordable to families earning the area's median household income of $65,100, was the nation's most affordable market.

"It's improved the past four or five months. It certainly appears that affordablility was at its worst last summer," John Karevoll, an analyst at DataQuick Information Systems, said of California's situation

hum... im cool with it, maybe its just your choice of residence.

hum... im cool with it, maybe its just your choice of residence.

care to expand?
what areas are considered affordable?
I think alot of single family homes need to be bulldozed to make way for multifamilies.
I sure dont want to live in a mansion, just something modest.

The areas I would consider are downtown which has had a real splurge of condo development in the past couple of years, and the nicer areas of south central including View Park, North Inglewood, Fox hills, and Baldwin Hills. You won't find anything cheap anywhere, but these historically upper middle class black neighborhoods are the closest thing to a bargain in town. There are a lot of really beautiful homes in these neighborhoods. You can also find some relative bargains in West Adams next to USC. And please don't give up your California license.

Housing initiative Measure H was on the ballot this past November. Most of us want affordable housing but it had to pass by 2/3 of the vote inwhich it didn't. I'm ready to have a real discussion about this. What is causing housing to be so exorbitant? Is it
a)the desirability of this place
b)too many single family homes in the way of denser(I guess cheaper)housing?
c)or what "svs" hedged at with their are affordable homes but they lie within areas that have been blacklisted by the culture of fear.

If/when the affordable housing initiative finally does pass I strongly feel that they will be placed around 1)transit and 2) in less "desirable" areas i.e. along the Blue Line, immediately west, south and east of downtown. Watts, Boyle Heights, Lincoln Heights, Rampart districts all come to mind as the best places for dense housing to be constructed these areas having the best accessibilty to transit as well as places where little to no opposition will impede these units from being constructed.

Mohammad would you be willing to live in these areas as well if an affordable housing initiative passed?

Here is the link:
http://www.smartvoter.org/2006/11/07/ca/la/meas/H/

I wish some billionaire cough cough Eli Broad cough would choose to invest money in a quick/cheap way to provide reasonably high-quality affordable housing in this city.

Can you imagine if you had big bucks and sponsored a huge university-driven design contest to come up with a modern-day equivalent of the dingbat apartment? And then actually Built them??

You would have made a real mark on this city not just made some stupid touristy wannabe-urban outdoor mall.

Think about that! Being the one who was the force behind LA's row house, LA's brownstone, etc. Something cheap and quick that could some day get yuppiefied. It would undoubtably bring fame and attention to LA as a place that deals with REAL issues, not "trying to make a 24-hour center blah blah." There are very many people in the LA area living in tents, garages, bathrooms, closets, etc. THIS IS AN EMERGENCY. I hate how people deal with stuff today. No one has a true sense of vision..

BTW, 2-4 stories of multi-family would be ample. Someone would have to buy up all those goddamn parking lots though, and that wouldn't be cheap.

The problem really boils down to the fact that in LA, a parking spot for the rich is more profitable than a house for the poor.

care to expand?
what areas are considered affordable?
I think alot of single family homes need to be bulldozed to make way for multifamilies.
I sure dont want to live in a mansion, just something modest.

you said you were living in santa monica, thats like going to the upper west side and complaining about the cost of a condo.

the reason everything is so damn expensive here is that there is not enough density for the population. so once a home opens up, alot of people will want it. and most will pay a premium to get it. not unlike a hybrid.

santa monica is not want i would consider an affordable area, for one it has the beach. which people will pay a premium for. and it gets overflow "richies" from BH and malabu. if your looking for something cheap. go condo. go to the cities of south la. torrance hawthorn. hell even koreatown. anywere away from the beachs and mountains

i think we need to make a differentiation between affordable homes, and affordable living. when you say affordable homes, i think single family units.

there should no longer be a need for affordable homes here, this city has moved beyond that. affordable living on the other hand can be achived by making the area more dense to support a larger population. supply and demand like.

An initiative was placed on the ballot just last November it's not like this problem is not known and some worthy people (Garcetti) are trying to get a handle on it. I voted for it but it didn't pass. Did we all vote last November? It was very narrowley defeated. Cynicism gets us absolutely nowhere, it's time for action.

you said you were living in santa monica, thats like going to the upper west side and complaining about the cost of a condo.
the reason everything is so damn expensive here is that there is not enough density for the population. so once a home opens up, alot of people will want it. and most will pay a premium to get it. not unlike a hybrid.

santa monica is not want i would consider an affordable area, for one it has the beach. which people will pay a premium for. and it gets overflow "richies" from BH and malabu. if your looking for something cheap. go condo. go to the cities of south la. torrance hawthorn. hell even koreatown. anywere away from the beachs and mountains
i think we need to make a differentiation between affordable homes, and affordable living. when you say affordable homes, i think single family units.

there should no longer be a need for affordable homes here, this city has moved beyond that. affordable living on the other hand can be achived by making the area more dense to support a larger population. supply and demand like.

Surprisingly well put "botox"!

Wait till the next earthquake, most of the transplants who came here after 1994 will flee in utter fear and housing prices and rents will DROP like a Blue Light Special!

Can someone please tell me where this is? Lots of density!

http://i135.photobucket.com/albums/q138/tmaxx6/losangelesdensity.jpg

you said you were living in santa monica, thats like going to the upper west side and complaining about the cost of a condo.

the reason everything is so damn expensive here is that there is not enough density for the population. so once a home opens up, alot of people will want it. and most will pay a premium to get it. not unlike a hybrid.

santa monica is not want i would consider an affordable area, for one it has the beach. which people will pay a premium for. and it gets overflow "richies" from BH and malabu. if your looking for something cheap. go condo. go to the cities of south la. torrance hawthorn. hell even koreatown. anywere away from the beachs and mountains

i think we need to make a differentiation between affordable homes, and affordable living. when you say affordable homes, i think single family units.

there should no longer be a need for affordable homes here, this city has moved beyond that. affordable living on the other hand can be achived by making the area more dense to support a larger population. supply and demand like.


I agree that santa monica is no longer affordable, when i was there it still was possible to buy a rundown single family for 300k maybe in 2001/2,
I would be willing to live in the areas mentioned (north of south central and in the boyle heights area and other areas west or east of downtown LA),
but how much would that cost? a house for 500k is still tough to swallow.

Due to my family being in shytown, I wouldnt be able to go back to LA for some time, part of my dissatifaction is the crappy job market there, no lack of jobs, but just back breaking work for internal medicine.

I agree that the density needs to be increased. as far as for most normal people the single family home in LA is not realistic.

It was hard to justify keeping my license at 600 bucks every two years. So I had to let it elapse. :(

Plus they kept after me thinking I was making money in California and not reporting it.

Can someone please tell me where this is? Lots of density!

http://i135.photobucket.com/albums/q138/tmaxx6/losangelesdensity.jpg

Judging by the architecture, it's in the Koreatown/Mid Wilshire area or pretty close to it.

I'd be there right now if it weren't so expensive.

I could make the move, but being a renter or having an exotic mortgage is unacceptable to me. I've wanted to live in LA for a long time, but it will probably never happen.

wahhh wahhhh wahhh

Just messing. I'm praying every night that I can land a residency back in California, and LA especially. I'm looking at ENT surgery right now so it doesn't look likely. It's just too competitive of a specialty.

Sorry that it didn't work out for you, but I would have gladly taken your unhappy place as a resident in the best city in the US, unaffordable housing and all. If you just can't seem to live off 125k a year in LA, then forgive me if I don't quite pity you.

Just messing. I'm praying every night that I can land a residency back in California, and LA especially. I'm looking at ENT surgery right now so it doesn't look likely. It's just too competitive of a specialty.

Sorry that it didn't work out for you, but I would have gladly taken your unhappy place as a resident in the best city in the US, unaffordable housing and all.

I had a great time there and wouldnt have it any other way, I was at LA County USC,
otherwise known as General Hospital, Im sad that I couldnt stay in LA,
but it was great being there. And my Spanish is much much better for it.
A friend from my med school did ENT and then did a fellowship in facial plastics, thats probably your best bet for making it in California in general.

Klamedia-

That picture is of the area between I think 3rd and 5th, a little east of vermont.

It's basically right in between the very-high density areas of north koreatown and westlake.

I had a great time there and wouldnt have it any other way, I was at LA County USC,
otherwise known as General Hospital, Im sad that I couldnt stay in LA,
but it was great being there. And my Spanish is much much better for it.
A friend from my med school did ENT and then did a fellowship in facial plastics, thats probably your best bet for making it in California in general.

I'm glad you enjoyed your experience at USC, it's a great hospital. I don't know about the whole facial plastics bit, but I find a lot of the ENT procedures to be really interesting and I hope I end up matching somewhere around California.

I'm just puzzled as to how 125k is not enough to live in LA. Were you really talking about not making enough in residency to live in LA? That I could really understand given how little the California hospitals pay their young docs. In the end though, it's a hit I'm willing to take if it means getting back home.

Surprisingly well put "botox"!
ah, sweet sweet praise

I'm glad you enjoyed your experience at USC, it's a great hospital. I don't know about the whole facial plastics bit, but I find a lot of the ENT procedures to be really interesting and I hope I end up matching somewhere around California.

I'm just puzzled as to how 125k is not enough to live in LA. Were you really talking about not making enough in residency to live in LA? That I could really understand given how little the California hospitals pay their young docs. In the end though, it's a hit I'm willing to take if it means getting back home.

125k
minus student loans, taxes, car expenses, et. al.
doesnt leave you with tons of money,

i am doing much better in chicago, firstly because my parents helped me and my sister buy a duplex in milwaukee and a six flat in chicago,
so rents are definitely helping the mortgage,
i dont think that buys 4 to 6 flats in LA is realistic for most anymore,
plus with high property taxes.

brutal work environment in california,
brutal,
i worked in ventura for six months as a hospitalist,
they wanted me be to the nocturnist, which is the hospital bitch, brutal,
worked in pasadena for six months outpatient only and that
was horrific 25 plus patients a day with all the paperwork,
either way it wasnt tenable or fun.

another friend of mine is from california, encinitas and he is a urologist
and he is practicing in quincy, il
basically because he can make alot more money,
and can work at just one hospital,
california doesnt have a fun environment to work in IMHO.
better to just live there ;)

ill strike it rich another way and just retire there
(fingers crossed)

Do you guys think LA's style of density can be glorified in the way NYC's is?
And would that change anything about our housing preferences? I think one problem is that NYC has large suburbs where people can live affordably in low-density single-family homes and still feel connection to the "excitement" of Manhattan. We Angeleno's don't really have that luxury.

LA has the largest area of higher than 10,000 ppl/sq. mile in the US, and this area is only getting larger..


I wonder how long it will be (if ever) until the the average person associates LA with images like this (and likes it):
http://farm1.static.flickr.com/173/400176666_9ddd8371c0.jpg
http://farm1.static.flickr.com/156/400176670_d634f22ec5.jpg
http://farm1.static.flickr.com/165/400174583_0743471b4d.jpg
http://farm1.static.flickr.com/186/400174578_b4bb5d2e50.jpg
http://farm1.static.flickr.com/139/400174572_baf2010d45.jpg
http://farm1.static.flickr.com/141/400174570_92488a905f.jpg
http://farm1.static.flickr.com/151/400174568_a466a62917.jpg

125k
minus student loans, taxes, car expenses, et. al.
doesnt leave you with tons of money,

i am doing much better in chicago, firstly because my parents helped me and my sister buy a duplex in milwaukee and a six flat in chicago,
so rents are definitely helping the mortgage,
i dont think that buys 4 to 6 flats in LA is realistic for most anymore,
plus with high property taxes.

brutal work environment in california,
brutal,
i worked in ventura for six months as a hospitalist,
they wanted me be to the nocturnist, which is the hospital bitch, brutal,
worked in pasadena for six months outpatient only and that
was horrific 25 plus patients a day with all the paperwork,
either way it wasnt tenable or fun.

another friend of mine is from california, encinitas and he is a urologist
and he is practicing in quincy, il
basically because he can make alot more money,
and can work at just one hospital,
california doesnt have a fun environment to work in IMHO.
better to just live there ;)

ill strike it rich another way and just retire there
(fingers crossed)

I'll guess I'll see when the time comes. I was considering Chicago for residency as well since I've heard good stuff about it, but who knows where I'll ultimately end up. It saddens me a bit hearing the working situation in California, but I think for my own sanity I'm still gonna shoot for coming back home to the west coast. Honestly, I feel like I'd rather work my ass off in sunny LA than have an easy schedule living in another cold, cold area. I was born and raised in California so it's pretty hard for me to adjust to other climates. I guess we'll see if I still say that after a few 100 hour work weeks.

I'm an MS-2 btw, going to school in Boston.

Wait till the next earthquake, most of the transplants who came here after 1994 will flee in utter fear and housing prices and rents will DROP like a Blue Light Special!

What about another riots in combination with an earthquake... that will make the entire area affordable just like the early nineties... The thruth is that there is a lot more people moving to this area at a faster pace than homes being built.

homes. not apartments / condos.

if those weiners out in fontana and perris would stop developing clone homes and come back into the city and give us some breathing room here, we would be set

Downtown LA is still somewhat affordable. Aren't there plans of integrating affordable housing into the Grand Avenue Project? Downtown LA probably won't stay that way for long as it's becoming a more popular place to live. If you make 125K a year, I say get a loft in the Financial District...something like Library Court Lofts.

Manhattan is very expensive but the reason why many can still live there is because the apartments are so small. This could be the same for DTLA in the future.

what is cost of average condo in LA?
there is definitely lack of supply and not enough condo conversions in LA.

There are plenty of condo conversions in Downtown LA. These adaptative re-use projects have already done wonders for DTLA and this is without the new developments.

what is cost of average condo in LA?
there is definitely lack of supply and not enough condo conversions in LA.

The cheapest are like $150,000...

The cheapest are like $150,000...

Where are those? I haven't seen anything below 300k in the LA area.

Downtown LA is still somewhat affordable. Aren't there plans of integrating affordable housing into the Grand Avenue Project? Downtown LA probably won't stay that way for long as it's becoming a more popular place to live. If you make 125K a year, I say get a loft in the Financial District...something like Library Court Lofts.

Manhattan is very expensive but the reason why many can still live there is because the apartments are so small. This could be the same for DTLA in the future.

Also remember NYC also has strict rent stabalization laws and co-ops, a dirty word in LA. Here rent control only applies to buildings built before 1979 I believe. We need more rent control and fewer condo conversions.

Do you guys think LA's style of density can be glorified in the way NYC's is?
And would that change anything about our housing preferences? I think one problem is that NYC has large suburbs where people can live affordably in low-density single-family homes and still feel connection to the "excitement" of Manhattan. We Angeleno's don't really have that luxury.

LA has the largest area of higher than 10,000 ppl/sq. mile in the US, and this area is only getting larger..


I wonder how long it will be (if ever) until the the average person associates LA with images like this (and likes it):
http://farm1.static.flickr.com/173/400176666_9ddd8371c0.jpg
http://farm1.static.flickr.com/156/400176670_d634f22ec5.jpg
http://farm1.static.flickr.com/165/400174583_0743471b4d.jpg
http://farm1.static.flickr.com/186/400174578_b4bb5d2e50.jpg
http://farm1.static.flickr.com/139/400174572_baf2010d45.jpg
http://farm1.static.flickr.com/141/400174570_92488a905f.jpg
http://farm1.static.flickr.com/151/400174568_a466a62917.jpg

Are all of these LA urban core pics? Could you list them by location?

the first is downtown
the second is northeast of koreatown
the third is looking northwest from Downtown into the densest area of LA
The fourth is looking from Hollywood west into westwood
the fifth is East Hollywood (Little armenia, Thai Town) with k-town behind
the sixth is Santa Monica looking west toward westwood/century city
the seventh is Westlake, directly North of MacArthur Park

BTW, 2-4 stories of multi-family would be ample. Someone would have to buy up all those goddamn parking lots though, and that wouldn't be cheap.

The problem really boils down to the fact that in LA, a parking spot for the rich is more profitable than a house for the poor.

Thanx for the list "dweeb". But you and I both know that nearly every surface parking lot in downtown is already spoken for. The process from proposal to construction to occupation is many times slow and prodding.

Damn but thanx for those pics again. It's not that I wasn't aware that LA was already dense it looks borderline Tokyo dense on those pics though.

If my mom, who gets like 20,000 a year[maybe less maybe more..not sure] and is a housekeeper/person who takes care of old people, can afford to pay for a $400,000 home[block away from Western/Expo..right by USC!] then I'm pretty sure a lad like you can.

The Pan Am lofts are around the $250-300,000 range..and they seem nice.

Not to be critical but I see where "kidA" is coming from. Is it an "area" thing? There are homes in Pacoima as well as Watts (not that I'd want to live in either area)that I know are affordable.

I haven't read this entire post, so maybe this has been stated, but affordability is all relative. I did read in the post that the original poster was making $125,000 a year, which should be ample money to survive comfortably in any city in the world, including places like London, SF, and NYC. The reason theses place are so expensive is because of basic economics, supply and demand. I'm sure we all understand these principles, so I won't go into depth here. However, when it comes to cities interupting market forces to create affordable housing, this is almost always done for the lowest income brackets in order to keep the working force from leaving the city entirely. I'm nearly certain that there is not a city in the world where a $125,000 annual salary would put you in this income bracket.

If my mom, who gets like 20,000 a year[maybe less maybe more..not sure] and is a housekeeper/person who takes care of old people, can afford to pay for a $400,000 home[block away from Western/Expo..right by USC!] then I'm pretty sure a lad like you can.

The Pan Am lofts are around the $250-300,000 range..and they seem nice.

that doesnt make any sense.
what is the amount of the mortgage?
she bought the house at 400k with how much down?
and she has no one else helping her with this mortgage?
And how much are the property taxes?
okay.....

I haven't read this entire post, so maybe this has been stated, but affordability is all relative. I did read in the post that the original poster was making $125,000 a year, which should be ample money to survive comfortably in any city in the world, including places like London, SF, and NYC. The reason theses place are so expensive is because of basic economics, supply and demand. I'm sure we all understand these principles, so I won't go into depth here. However, when it comes to cities interupting market forces to create affordable housing, this is almost always done for the lowest income brackets in order to keep the working force from leaving the city entirely. I'm nearly certain that there is not a city in the world where a $125,000 annual salary would put you in this income bracket.

define comfortably.
also give examples of places that would be affordable with no money down
therefore there is pmi until the place appreciates so that the equity is 20 to 25 percent of its worth,
and what the monthly payment is, including property taxes and mortgage.
its also not 125 net, its 125 gross.

I did find a 500 square foot shack in long beach for 300k :)
719 e 20th street, Long Beach. just north of pch, i guess not too bad.
I guess if I lived there I would buy that place, and then eventually tear it down
and build a five story building.

it also looks like wilmington, and san pedro have houses in the 400k range.
and i dont think i would like to live in pacoima either, ;)

i also see a small house in mt. washington for 400k,
okay i guess that is the one i would get,

but it definitely is a tight market, these arent awesome houses,
you are just paying for location.
i take it back, i could afford a place there after all,

just me and my 500 square foot bachelor pad kicking it in the LBC.

To me, living comfortably does not necessarily mean being able to afford your own home. My fiance and I are making just over six figures combined (gross) and we have a nice little apartment (~750sf) in santa monica off 4th st in the Ocean Park neighborhood (not a cheap place by any means). We make enough to put a pretty good amount away as well as eat out and buy nice things for ourselves. I'm not trying to brag or make myself sound like I'm super rich, but luckily we've made some good decisions that have given us the ability to really enjoy our lives here in LA.

To me, living comfortably does not necessarily mean being able to afford your own home. My fiance and I are making just over six figures combined (gross) and we have a nice little apartment (~750sf) in santa monica off 4th st in the Ocean Park neighborhood (not a cheap place by any means). We make enough to put a pretty good amount away as well as eat out and buy nice things for ourselves. I'm not trying to brag or make myself sound like I'm super rich, but luckily we've made some good decisions that have given us the ability to really enjoy our lives here in LA.

I just dont want to be at the mercy of the landlord,
and be kicked due to a condo conversion. To me if I cant afford a condo or home, then I wouldnt want to live there, mind you I dont have to have some EMMENSE place by any means, just okay. A cada quien lo suyo.
When I lived in Santa Monica I was on 18th street just north of pico.
God do I miss it.(not as much now almost 4 years later. just cuz i dont have as vivid a pictuer of how awesome it is there.)
But it tis better to have lived in paradise and lost
than to have never lived in paradise at all.

It seems to me that you are having issues prioritizing and I don't mean that in a condesending way. You need to decide whats most important to you, where you live or where you work. Coming here to complain about housing affordability when you have the ability to make so much money makes you look like a troll and an antagonist. My advice is to complain and dump on LA elsewhere if that is all you are going to end up doing. I don't think that is your intent, but it seems to be all you are doing here.

On a side note, I would look at studios and 1 bedrooms in Koreatown, you can probably still find something at a DECENT price there. Plus, from there you will have great public transit options. For example, check this link http://losangeles.craigslist.org/lac/rfs/283405513.html

that doesnt make any sense.
what is the amount of the mortgage?
she bought the house at 400k with how much down?
and she has no one else helping her with this mortgage?
And how much are the property taxes?
okay.....

I don't know. I'm not an accountant. I'm just happy my mom can pay [by herself] to put a roof over my head.

I don't know. I'm not an accountant. I'm just happy my mom can pay [by herself] to put a roof over my head.


okay......

20 k per year is 1666 a month
and if you have a 400 k mortgage with 20 percent down that is 2600 a month
thats if its at 7 percent fixed rate, at 5.75 fixed rate its 2300,
even if it was a 3.5 percent arm and you had cheap payments for awhile thats 1796 a month,
it just doesnt add up. She mustve bought the house long ago when it was way cheaper
like when it was a hundred thousand.

It seems to me that you are having issues prioritizing and I don't mean that in a condesending way. You need to decide whats most important to you, where you live or where you work. Coming here to complain about housing affordability when you have the ability to make so much money makes you look like a troll and an antagonist. My advice is to complain and dump on LA elsewhere if that is all you are going to end up doing. I don't think that is your intent, but it seems to be all you are doing here.

On a side note, I would look at studios and 1 bedrooms in Koreatown, you can probably still find something at a DECENT price there. Plus, from there you will have great public transit options. For example, check this link http://losangeles.craigslist.org/lac/rfs/283405513.html

Why do I need to decide whats important?
I thought I already stated what I thought was important, which is different for everyone.
I wasnt sarcastic, when I said I take it back that LA housing isnt so unaffordable that I couldnt live there,
but sure its different and more competitive than almost every market.

Why would I troll on LA?
I love LA. Yes I am one of the few chicago forumers that loves LA.
I am merely wistful on how the market there has become so tough to buy into compared to just a short time ago.

I dont need real time advice as Im not moving there,
and was just curious where affordable housing was located.
I think koreatown is a cool location,
I dont know how safe all the buildings are there, I would be leary to live in a large old brick building there, as they dont do well in earthquakes,
but maybe they can be retrofitted, i dont know.

So much money? I thought I told you that I have alot of debt,
and in LA its not alot of money. If you think you would be living the high life on 125k in LA you must be dreaming (79k net maybe) with 28 percent federal tax rate and the 9 percent california tax rate. You would be okay, but still on a tight budget. California has more millionaires than anywhere in the US, (I believe)
for good reason, because its paradise.

okay......

20 k per year is 1666 a month
and if you have a 400 k mortgage with 20 percent down that is 2600 a month
thats if its at 7 percent fixed rate, at 5.75 fixed rate its 2300,
even if it was a 3.5 percent arm and you had cheap payments for awhile thats 1796 a month,
it just doesnt add up. She mustve bought the house long ago when it was way cheaper
like when it was a hundred thousand.

No, we just moved in in 2004.

Whatever. You can afford a place. Just pick a place!

No, we just moved in in 2004.

Whatever. You can afford a place. Just pick a place!

too bad you never got the point of the thread......
yeah i guess your right, someone making 20k a year can afford a 400k house,
yep, thats the ticket.

Yes! Yes! Yes!:banana: :banana: :banana: :banana:
Mayor says he may push another housing bond
By Duke Helfand and Steve Hymon, Times Staff Writers
March 6, 2007


Four months after Los Angeles voters narrowly rejected a plan to borrow $1 billion for the construction of affordable housing, Mayor Antonio Villaraigosa declared Monday that he intends to try again as early as next February.

Villaraigosa said he would peg the campaign to a presidential primary or general election because those tend to generate the highest turnout of voters sympathetic to the affordable housing issue. California lawmakers are expected to move the primary from June to February next year.

"I'm prepared to put it back on the ballot, to use my capital," Villaraigosa said at a news conference at a housing complex for once-homeless people in Echo Park, where he also announced new city investments in affordable housing.

"We've got to have a permanent funding source, and that means the entire city has to come together," he said.

More than 62% of city voters cast ballots for the housing bond last November, shy of the required two-thirds threshold to raise property taxes. The bond would have paid back investors with money from a property tax increase of about $14 per $100,000 of a home's assessed value.

The city has struggled for years to pay for more affordable housing, which is usually targeted for households whose salary falls at or below the median income for an area. Requiring developers to set aside a percentage of their buildings for such uses has proved to be politically unpopular, and the city has had trouble putting enough money into its affordable housing trust fund to help offset the cost for developers.

Last year's proposal to raise money by selling bonds stirred controversy at City Hall. The City Council put it on the ballot over the private protests of Villaraigosa, who did not believe that it would pass and did not want to compete with $37 billion worth of state infrastructure bonds. Some council members believe that the mayor could have campaigned harder for it.

Since taking office, Villaraigosa has directed $100 million into the city's housing trust account, fully funding it for the first time. Combined with other federal money, the housing trust account has raised $200 million to house families of limited means and the homeless, officials said.

Villaraigosa did not provide a dollar amount for the housing bond he planned to propose, but he predicted that a measure would pass if the timing was right.

"I've got to believe that smart people can provide a funding mechanism that's fair," he said.

Lisa Payne, policy director of the Southern California Assn. of Non-Profit Housing, said her group probably would support it.

Joel Fox, an opponent of last year's ballot measure, said he probably would oppose a bond if it were to include a tax increase.

"I think we made a logical argument that they were trying to seek to lower the cost of housing" for some people "and raising the cost of housing for others" by increasing property taxes, he said.

The mayor announced plans Monday to commit $137 million to developers to build 1,222 affordable units and an additional 274 units for homeless people. The funds would provide a portion of the total cost of the 26 projects, with developers expected to learn by June whether they would qualify for more federal and state funding.


--------------------------------------------------------------------------------
duke.helfand@latimes.com

steve.hymon@latimes.com

More dense affordable housing is what is needed!! I love this man!!
/B]

This is where afford housing succeeded and failed. The Valley [B]AGAIN!!
pLEASe sEceDe

LA's housing prices are somewhat sustainable. Consider the tremendous price of housing in Manhattan or San Francisco. Although the LA market has now outpaced NYC, it comes with a back yard, front yard and garage. Manhattan can sustain million-dollar 1-bedroom flats, surely LA can sustain $550,000 cracker box houses.

Manhattan is but just a borough of NYC, that would be akin to saying "the Valley" or "South Central" or more appropriately "the Westside". Please consider the whole of NYC for their are some great deals in Queens, The Bronx, Brooklyn and especially Staten Island.

3 pages, so im not gona post it all, but perris is having some major defulting home loan issues.

In California, Perris is at the epicenter of mortgage problems. From November to January, 177 homes in Perris' central ZIP Code have received notices of default, the first step toward foreclosure.

That's about 1 of 53 houses, the highest level of any ZIP Code in California, according to a Times analysis of statistics provided by DataQuick Information Systems. The neighboring towns of Lake Elsinore and Moreno Valley came in second and third.

http://www.latimes.com/business/la-fi-perris16mar16,0,1672901.story?coll=la-home-headlines

I can't say much about buying a home, but there are still lots of really cheap rentals in LA and many of them are not south or east of Downtown.

I live in Koreatown (6th and Oxford) in a studio that is 575 sq. feet- pretty big for a studio. My building is pretty kept up with a nice brick facade outside. I pay $477. You can say, yah.. but you're under rent control; but, we just had a vacancy in my building and rent for that unit was $550. The last one bedroom went for $600. I guess the drawback to the cheap rent is the lack of parking in the area (my bldg lacks parking) and no laundrymats in the area.

All of my friends in the area also have cheap rents in decent apartments. As for crime in the area, we're all used to walking around at 2 - 3am in the morning and never had a bad experience. I think the reports of Koreatown crime is all bogus. Many of the coffee shops and restaurants are open very late. The only crime any of us has seen is the bad driving.

I'm floored once again! Went walking around James Wood the other night(helping my boy help a friend by watering his plants while away) this has to be one of the most beautiful multi-family friendly home neighborhoods in LA, hands down. The old apt. buildings that look like castles, some very tasteful modern structures mixed in, very very walkable. Very good transportation but absolutely no parking. But even here in Silver Lake I routinely have to park on the next street if I want to find parking so that didn't bug me much. Why is Koreatown so inexpensive? Everything was open late.........most restaurants were still open at midnight. This is the happenin' part of town and it's only getting better with a couple of 40+ story structures, a few 20+ story structures and a smattering of all those new 4-6 story apt/condo projects going up on every little piece of available land. This is a great neighborhood with lots of character. Sorry to go on about this but this area also has 2 or 3 subway stops!

[QUOTE=Ripper777;12324692]I can't say much about buying a home, but there are still lots of really cheap rentals in LA and many of them are not south or east of Downtown.

I live in Koreatown (6th and Oxford) in a studio that is 575 sq. feet- pretty big for a studio. My building is pretty kept up with a nice brick facade outside. I pay $477. You can say, yah.. but you're under rent control; but, we just had a vacancy in my building and rent for that unit was $550. The last one bedroom went for $600. I guess the drawback to the cheap rent is the lack of parking in the area (my bldg lacks parking) and no laundrymats in the area.


^^ Wow Ripper I haven't seen those prices for a rental like forever.... I'll bet your building never goes vacant more than 30 days...