Los Angeles Real Estate Forecast: The Second Half of 2016
This city of constant sunshine, Hollywood and good vibes has is home to some unique neighborhoods, each with its character and charm. While these neighborhoods are not always the easiest to find, with enough patience, and an open mind, the picturesque beauty and the multitude of quirks that have become so well known, lay neighborhoods of all shapes, sizes and price points.
What does it Cost to Buy a House within the City of Los Angeles?
Roughly two months ago the average cost of a home in Los Angeles reached more than $550,000. That is an 8.2 percent jump from the same time just one year earlier. When compared to the rest of Southern California, where the median cost of a house is approximate $459,000 the jump in Los Angeles housing costs is not only staggering but also concerning for the future.
For perspective home buyers or tenants that are considering making the move to the Greater Los Angeles Area, the cost of living in Los Angeles can be daunting. Like much of the country, the price of living and real estate seems to be continuously on the rise. Currently, the median cost of a house in the city of Los Angeles is $685,000, while this might seem like a lot, keep in mind that it costs approximately $4,200 a month to rent a house in the city.
What Does the Upcoming Los Angeles Real Estate Forecast Look Like?
Similarly to a lot of Southern California, and the United States as a whole, the average cost of living and real estate does not seem to be decreasing anytime soon. In southern California, this is because of some factors.
Lack of Land
Between the thousands of start-up companies, music venues, vineyards, agricultural opportunities, and of course the entertainment industry, there is a high demand for real estate as well as vacant land throughout the state. Unfortunately, there is very little vacant land left, and much of what is left is not located in a close enough proximity to the city of Los Angeles for it to be a contender in most people’s minds.
Employment Opportunities
California itself has become known as a hub for start-up companies and ventures. This offers a huge appeal to prospective buyers that are looking to work in the tech, or social media industries. The employment opportunities that these startups bring to the Los Angeles and Southern California area are not found throughout a lot of the country, and because of this are making the city of Los Angeles a highly desirable area to live and therefore driving housing prices up.
Educational Opportunities
The city of Los Angeles has become well-known for lots of things, one of which has been, and remains to be the opportunity to provide high-quality education to students. Home to more than 500 schools, the city of Los Angeles offers a plethora of educational opportunities at all levels, from volunteer opportunities, internships, to the opportunity to attend some of the top post-secondary institutions in the country without having to move away.