Income Needed To Buy A House In Los Angeles

The prices and salary necessary to make payments is all the more shocking when taking into account the median income of a family in los angeles.

Income needed to buy a house in los angeles. In los angeles county the minimum income needed to afford the typical house was 120 060 a year up from 103 000 in the second quarter and 104 000 in the third quarter of 2016. In many of the region s major cities including los angeles and san francisco you need to earn at least six figures to be able to afford a home. Orange county 154 120 ventura county 132 020. In la you can spend.

Still it s certainly alarming that the required salary to comfortably afford a house in la is nearly twice the county s median household income of 56 196. See a full list of houses for sale in los angeles ca. According to real estate website zillow the average cost of an la home is hovering at 764 528. Just over 69 000 a year.

The median price of homes currently listed in the los angeles long beach anaheim metro area is 883 388 while the median price of homes that sold is 667 806. Los angeles is also markedly more affordable than other parts of california like san francisco where only 15 percent of residents earn enough to buy a median priced 1 61 million home. If you can afford to buy in los angeles prepare yourself for stiff competition and high prices. Here s how much average annual income is needed to buy a home in southern california according to the california association of realtors.