Southern California Residents Moving to Greener Pastures
Los Angles is growing in size as its infrastructure continues to boom and as immigrants continue to relocate to Southern California. Currently, L.A. is nearly three times as populated as the next largest city in California (San Diego). While the population grows with no end in sight, Californians are beginning to rethink their living situation.
Cost of Living Ushers Homeowners Out
While new residents are falling in love with Los Angeles, some older homeowners are beginning to tire of the increased costs of living and the ever-increasing population density. For those new to L.A., these costs might seem typical, but for an older generation of Californians, the prices are a shocking change from what they used to be. Those who moved here 20 years ago have seen the city change drastically over the last 2 decades, and some want out of the fast-paced lifestyle.
Here are some statistics contributing to the moves:
- Median house prices in Southern California are $473,000, double the average of the United States.
- This Southern California mortgage median is even higher in Los Angeles and Orange County.
- $550,000 will afford a small, two-bedroom, two-bath condo in Los Angeles.
- $550,000 will afford a four-bedroom with twice the square footage just 60 miles east of Los Angeles.
- The median price to rent a one-bedroom apartment in L.A. is $1,920 a month.
Some people would never want to leave Southern California (who can blame them?), and for those who want to get away from the downtown area but still want to be a proud Southern Californian, suburbs are always an option. As the statistics show, just 60 miles east you have Monterey Park, where $550,000 will pay for a 4-bedroom home in a less crowded suburb. Quieter neighborhoods like Monterey Park include Santa Clarita, Burbank, and Pasadena. Any of these neighborhoods are great choices for suburban living!
I’m Interested in Moving, but I Don’t Know How to Start This Process.
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