The Myth of the $700,000 House in Los Angeles

Let’s do the math. A $700,000 single-family home will cost you roughly $5,879/month in housing expenses (mortgage, taxes, insurance, and utilities). Add in life’s other essentials—like food, a car, and, you know, Netflix—and suddenly you’re left wondering if you’ll ever retire or eat sushi again. A single-family home in LA is like a Birkin bag—it’s nice to look at, but you probably can’t afford it. Time to get creative.

Option 1: The Condo Life

If owning a house is out of reach, condos are your next-best bet. They’re usually cheaper, come with amenities (hello, pool and gym), and are located closer to the action.

• Price: Think $500,000–$600,000 for a decent condo.

• Monthly Costs:

  • Lower mortgage, but you’ll have HOA fees ($300–$800/month).

  • Same property taxes and insurance, but utilities might be included in the HOA fee.

Pros:

• You’re building equity without the soul-crushing maintenance of a house.

• Many condos come with a community vibe, so you can make new friends—or avoid them.

Cons:

• No backyard for a dog. Just a balcony big enough for your houseplants and regrets.

• You’ll still need to check if the HOA has any weird rules, like banning your dream of painting the walls hot pink. Condos are like starter packs for adulthood. No, it’s not a mansion, but at least you don’t have to fix the roof when it leaks.

Option 2: The Duplex Dream

If you’re set on a “house,” try a duplex. Why? Because renting out the other unit can cut your housing costs in half. Your tenants basically help pay your mortgage. It’s like having roommates, but they don’t leave dirty dishes in your sink.

• Price: Around $700,000–$800,000, depending on the neighborhood.

• Rental Income: $2,000–$3,000/month (or more if you Airbnb).

Pros:

• Renters = extra cash to offset your housing costs.

• You’re living in your own space while building wealth faster.

Cons:

• You’re a landlord now, which means dealing with leaky faucets, broken heaters, and renters who “forget” to pay on time.

• You might need to share walls with your tenants. Hope you like the sound of reality TV blaring at midnight.

Owning a duplex is the ultimate life hack—someone else pays for your mortgage while you pretend to live the high life.

Option 3: The “Why Not LA County?” Move

If LA proper is breaking your spirit, consider areas just outside the city. You’ll still be close enough to enjoy all the perks of LA life but without the gut-punch prices.

• Inglewood: Rapidly gentrifying with lots of potential.

• Long Beach: Coastal vibes without Santa Monica price tags.

• The Valley: Affordable homes, plus you’re already halfway to your weekend hiking spot.

Pros:

• Lower prices = less financial stress.

• You might actually have a yard!

Cons:

• Longer commutes (hello, 405 traffic).

• Your friends will tease you for moving “so far away,” but they’ll still come over for your BBQs. Living just outside LA is like sitting in economy class—it’s not first class, but you’re still on the plane.

How to Make It Work

If you’re serious about buying property in LA, here’s the real strategy:

1. Save Aggressively: Cut back on unnecessary expenses and put every dollar toward your down payment. Yes, that means fewer brunches.

2. House Hack: Whether it’s renting out a duplex unit or subletting your condo, find ways to make your property pay for itself.

3. Start Small: Buy a condo or smaller home now, build equity, and trade up when you’re ready.

4. Shop Smart: Work with a real estate agent who knows the market and can help you find diamonds in the rough.

Final Thoughts: Rethink the Dream

A $700,000 single-family home might not be realistic on $150K, but there are plenty of alternatives that let you get into the real estate game without drowning in debt. Whether it’s a condo, a duplex, or a home just outside the city, the key is to think long-term.

And remember: the goal isn’t to “keep up with the Joneses.” The goal is to own something that works for your life and your wallet. Because, let’s be honest, the Joneses are probably broke anyway.

Legal Disclaimer

The content provided in this article is for informational and entertainment purposes only and should not be construed as financial advice. While efforts have been made to ensure the accuracy of the information, individual circumstances vary, and readers are encouraged to consult with a licensed financial advisor, accountant, or other qualified professional before making any financial decisions. The author and publisher disclaim any liability for actions taken based on the content of this article. Your financial future is your responsibility—plan wisely!