Can You Afford an Apartment in Los Angeles?

Can You Afford an Apartment in Los Angeles?

California is a sunny beach paradise with plenty of fun things to do all over. If you’re in the market for the Los Angeles homes for sale, the Golden State is home to many fancy and luxurious homes. Unfortunately, these homes come with a steep price. 

Instead of trying to convince every mortgage lender in the country to give you a loan for one of these houses, look at apartments instead! 

Price Check

Apartments are a great alternative to paying a fortune in housing costs and will save you a lot of money. However, these apartments are not what one would call cheap either, and since California’s housing costs are skyrocketing in 2021, they’ll be a bit more expensive too. 

Los Angeles (LA) is home to the famous Beverly Hills and Malibu beaches where rent can be upwards of five grand a month!

However, aside from the Hills and some of the surrounding towns, on average the monthly rent is closer to two thousand, and the recommended income on average is about $70,000 a year. 

Start Saving

An important piece of information to know about living in LA is making sure you have some savings. 

If you’re like the miners from the Gold Rush, and you’re going out west with no money in the bank and just a dream, affording an apartment in LA is definitely not going to come incredibly easy to you. 

Of course, the same may be true for any apartment or neighborhood you’re trying to move into, but this is especially the case for a Los Angeles apartment. You’ll need to have a good amount of money saved and also minimal debt to even begin looking at renting.

Research the Location

Another important aspect of being able to afford an apartment in LA is finding a nice neighborhood where you believe you will be comfortable. The reality of the situation is many areas in LA aren’t the nicest and can be very dangerous.

Of course this does not apply to all of LA. After all, it is a HUGE county, so with a lot of research and a little bit of patience, you can definitely find a nice neighborhood with reasonable monthly rent.      

This means if you can find a nice neighborhood to live in, have some money saved away, and can find a reasonably priced apartment, living in LA just might be in your future!