Factors to Keep in Mind when Considering Moving to the Greater Los Angeles Area
Los Angeles and its surrounding area are known for a lot of things, an outdoorsy lifestyle, laid-back atmosphere, beautiful vineyards, technological start-ups, and high fashion just to name a few. With so much to offer, it can be difficult to find a negative to moving there. The real estate market, however, for anyone that goes in unprepared can, unfortunately, be that negative factor. Here is a look at some of the most overlooked factors, prospective home buyers ought to keep in mind when considering moving to the Greater Los Angeles area.
There are Only a Small Number of Homes on the Market
The Greater Los Angeles area, as with much of the state is facing a very expensive housing market. Not only are properties selling for higher amounts than in years past, but there are few homes on the market, to begin with. It seems that while the Greater Los Angeles area continues to draw interest from prospective home buyers, people already living there are not particularly eager to put their properties on the market.
Living Off the Grid
It seems that today, more and more people are seriously considering taking control of their home, their finances, and how they interact with both society and the economy – yes, an increasing amount of people are looking at moving off the grid. But what exactly does that mean? Living off the grid means that you are making yourself responsible for absolutely everything in your life, from catching and growing your own food, to creating your own heat, your children’s education, building your home, and everything in between. This is a concept that has been around for years and years, however, it seems that in recent years it has become much more mainstream. This is especially true in the state of California, thanks in large part to the amount of vacant land that there once was. That said, that vacant land is not so prevalent now, and is actually becoming extremely difficult to come by – especially in an affordable manner. If you are considering moving to California in hopes of living off the grid, it is important to understand everything that it entails and what it is likely to cost.
The Increasing Cost of Rent
In California, like much of the country, the cost of rent is on the rise. It is so high in fact, that on average it costs tenants closer to 40-50% of their income, as opposed to the recommended 30% that a person ought to spend on their housing. This increase in rent poses a large problem for people that are either trying to save for a house or are renting while on the hunt for the perfect home, with the cost of rent increasing this temporary solution for many, is more likely to become a permanent solution for many. While this is a concern for much of the country, in demand locations like the Greater Los Angeles area have seen the most dramatic spike in the cost of rent.