Only in L.A.: Singing the $250K-a-year blues
If you make a quarter of a million dollars a year, does it make economic sense to buy a house in L.A. right now? Back-to-back commenters on L.A. Land answered that question on the blog earlier today with a resounding "no."
"My wife and I earn around $250K per year, are in our mid 30's and have a newborn child. In any other planet, we should be able to own a very nice house. However, in Los Angeles, the only thing we can properly afford would be a starter home at $750K, maybe that gets you a 2 bed, 1/2 bath crack house, and our combined salary puts us in the top 3% in annual wages in the US.
I'll put the question to the readers: If you made $250,000 a year, and could afford a down payment, would you buy a home in L.A. right now? If so, where, and for how much, and what do you think you'd get?
-- Peter Viles
Photo Credit: House on Providencia Street in Woodland Hills, via L.A. Times