Around how much would a small house in burbank or santa monica cost (buy or rent)? (Lakewood: sales)

[l'actrice]

Just trying to get an idea, though I know there is probably a lot of variability. If I'm making $100k/year, what sort of house could I afford to buy in a safe area?

[Chichappens]

www.californiamoves.com

[BRinSM]

at that income you could probably afford a one bedroom condo near santa monica, but not in santa monica.

[Charles]

Originally Posted by l'actrice

Just trying to get an idea, though I know there is probably a lot of variability. If I'm making $100k/year, what sort of house could I afford to buy in a safe area?

Depends on your down payment.

But just for fun, assume you borrow $400K (30 years, 5%) with a 20% ($100K) down payment so that means about a $500K home.

Here are recent sales for those amounts in the Santa Monica area:

Real Estate Search | Redfin

and in the Burbank area

Real Estate Search | Redfin

[Mr. Fantastic]

Originally Posted by l'actrice

Just trying to get an idea, though I know there is probably a lot of variability. If I'm making $100k/year, what sort of house could I afford to buy in a safe area?

Do you have a down payment? What is it?

How is your credit score?

[leflash]

My wife and I make $110K and there is no way we could afford a house in Santa Monica, more like a condo which looks very much like an apartment.

The valley has more options, Burbank has a few nice parts, but the really nice parts are expensive.

[JohnG72]

Originally Posted by l'actrice

Just trying to get an idea, though I know there is probably a lot of variability. If I'm making $100k/year, what sort of house could I afford to buy in a safe area?

On that income, not yet for Burbank or Santa Monica.

If you can maintain that income, in 3 years you'll be able to in Burbank...not sure about how Santa Monica will shake out yet.

Right now in Burbank, a 3bd/2ba house will run you $475-700K and at the lower end you will be up against multiple bidders(or shady claims thereof by an Armenian realtor).

The area you can afford if you stretch is probably Lakewood(3 bd/2ba for $350-500K depending on location and condition).

You can also afford a condo in the $300-350 range(gotta also factor in HOA's here so you can afford less). There are a few really nice ones in Sherman Oaks/Studio City for that price range. I've found Burbank to be insanely over priced on condos at the moment.

Frankly, with rents so low, you are in the drivers seat with a $100K a year income and steady job. Rent for a few years, save up a healthy downpayment, and buy once housing prices have collapsed. There will be relatively few buyers at that point, and you'll have an easier time finding something more around 2.5x income rather than stretching to 4-4.5x income. We are just starting a large downward slide of the housing market in LA(and OC) and it will take a few years for reality and prices to set in.

[l'actrice]

Thanks for all of the advice! I'm actually thinking I will probably rent and save some money toward a good down payment on a house, as suggested.