Remodel it or tear it down and build a new home?
Here is the cheapest home sold this week in the city of San Fernando.
Asking price: $679,000
Selling price: $650,000
6 bed/3 bath, 2,155 sq. ft. of living space, and is on an 8,142 sq. ft. lot.
LA ranks 5th most expensive US city
The report from Consumer Affairs analyzed 2021 data from the U.S. Census Bureau against two metrics - median monthly housing costs and median owner-occupied unit values - to determine which U.S. cities are the most expensive. To the surprise of no one, California cities dominated the list, ranking four out of the top five spots.
Below shows the top 5 most expensive cities in the US, along with their median monthly housing costs (such as utilities, insurance, and rent or mortgage payment):
1) San Jose: $2,463
2) San Francisco: $2,337
3) San Diego: $2,044
4) Seattle: $1,984
5) Los Angeles: $1,845
Los Angeles comes in under Seattle in terms of median home values ($812,800) and median monthly housing costs ($1,845). However, because Los Angeles residents have a median household income almost $40,000 lower than Seattle's, it has the highest monthly housing costs relative to income of any city in the list's top 10.
If you're looking for the least expensive city for housing costs, head over to Detroit, Michigan. According to the report, residents' median monthly housing costs here are $755.
Check out the cheapest, very purple, very small home to sell this week in LA!
What do you think is the most expensive home to sell this week in LA?
I'll tell you in my next post!
In this video, we have the cheapest home to sell this week in Los Angeles.
Selling price: $370,000
This home has 1 bed/1 bath 576 sq. ft. of living space and is on a 2,200 sq. ft. lot.
Close to South Park Recreation Center, USC, and DTLA.