Los Angeles, or most commonly known as the City of Angels, is the second largest city in the United States and hometown with around four million residents. The reasons for moving to Los Angeles are always different, but it is well known that LA as the location of the most famous film studios is the hub of the entertainment world. Because of this, people in the film industry choose to move to Los Angeles.
Photo, Neil Soni.
With over 100 world-class museums, Los Angeles is also known as a cultural Mecca. It’s another reason so many artists choose to move here and be inspired by the ever-growing scene. Some people love glamor and want to be close to it, while others move to pursue a career in the arts. or maybe they have a job in one of the fast growing tech companies in the LA area.
Perhaps the reason you want to move to the City of Angels has absolutely nothing to do with the reasons given above, because life in a city with the most beautiful coastline and beautiful Mediterranean weather all year round is as good as it gets goes.
While changing your local area and moving to a big city like LA can be overwhelming, we should make a daunting process a little easier for you. The following guide covers the critical factors of a big move like this one and lists the most important things to consider when moving to Los Angeles.
The city is incredibly widespread, which is the main reason it offers so many different types of housing. They range from smaller, modern studios to historic family houses. The fact that the accommodation is a bit more expensive is undeniable. However, if you are flexible enough and do a proper house search, you may find a place that makes you feel at home. There are two main types of LA accommodation if you are planning a long stay: buying a property or simply renting a property.
Photo, Josh Rose.
Real estate and financing costs: Due to the ongoing Covid-19 pandemic, it is the first time in years that market sales statistics show house prices in the LA area have fallen 1%. The average price per square foot in the city of Los Angeles is $ 551. This can vary based on the neighborhood you are setting your eyes on. In terms of average prices on current listings, properties are listed for about $ 859,000 while the average cost of listings sold is lower. around $ 758,900.
Photo, Mark Adriane.
The reason home prices seldom fall has to do with California government practices as they have many laws regulating new housing. The high real estate prices allow only a tiny fraction of the happy people around the world to buy a house in Los Angeles without breaking their bank. Even if you’re not in the next Martin Scorsese movie, there is a common way to buy a home in the most fabulous city in America.
You can choose the usual mode of financing a home purchase, loan, or mortgage, and California mortgage rates are better than ever. Contact a professional Los Angeles mortgage broker for all the relevant information on real estate financing, interest rates, brokers and any scenario that fits your financial needs to buy the home of your dreams in Los Angeles.
Rental costs: If you cannot currently afford a property, you should consider renting a space for yourself until you figure out how to own one. We cannot say that rental prices vary a lot depending on the part of town you imagine yourself in. Prices in downtown LA are pretty high as the average cost of a one-bedroom apartment is around $ 2,500. This is certainly not the case in the surrounding districts such as Westlake, Pico-Union or Echo Park. where the average price for the same type of property is around $ 1,600.
According to the LA Times, Los Angeles has seen rental rates fall 3.3% for the first time in a decade, driven by the current pandemic that is being responsible for overcoming the rental housing market. Some of the owners even offered their tenants a month without rent to keep them during this difficult time.
Photo, Lauren Fleischmann.
Cost of Living in LA: If you are considering moving to Los Angeles you may know the real cost of living in the City of Angels. As the epicenter of the multi-billion dollar entertainment industry and the rapidly developing technology industry, you should be aware that most everyday items cost almost twice as much as other US cities. There is plenty to choose from, however, and going through our list will help you plan your expenses ahead of time.
Photo, Shea Rouda.
Additional costs: Because the Los Angeles area has few climates, some parts have hot summers, such as the San Fernando Valley and Southern California. But it can also get cold in winter. This is the main reason your electricity bill may vary depending on which part you choose to settle in. The average utility bill is about $ 127 per month for a 915 square foot apartment. Keep in mind that it will also vary a lot depending on the size of your home.
Transport costs: The entire LA county covers an area of 4,083 square miles, and having a car is a necessity in a huge city like Los Angeles. Aside from the vehicle itself, other costs that you are likely to have while driving will be gasoline and auto insurance. Unless you have a driver’s license and are using public transit around town, know that the average monthly pass rate is around $ 100.
Food costs: When it comes to food, LA will always surprise you with all kinds of delicious food from different cultures that make up the Los Angeles food scene. You won’t go wrong choosing food truck tacos or some fine dining specials. The average cost of a medium-sized meal for two is about $ 56, and the average price of coffee, such as cappuccino, is about $ 4. Trying to save some cash is always welcome to prepare your meals and do your shopping in the local markets.
Health costs: When it comes to health care costs, LA is amazingly cheaper than most other cities, despite being considered an extremely expensive city. Your routine visit to the general practitioner will cost you around $ 121, which is almost double that in the state capital, Sacramento, where you pay $ 219. Plus, it’s cheaper than other major cities like Boston ($ 193), Oregon ($ 216), Chicago ($ 165), and San Francisco as the winner with the most expensive routine check-up. That’s around $ 251.
Final thought: There’s Something for Everyone in LA From the beautiful mansions in Beverly Hills to the hipster bars of Silver Lake, anyone who comes to this city is immediately captivated. All of the glamor, beauty and the great outdoors come at a price, but there is also a wide variety to suit your options. Get your dream job, pack your bags and enjoy the ride in the city of Los Angeles. It will be worth it.
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