It also looks like prices are increasing, there for - right now is pretty good time to buy.
I'm not sure about Texas, however there are different cities and counties close to Los Angeles where you can purchase property for less than Los Angeles - for example San Bernardino county, Riverside county, Kern county, etc...
There you have some options - and if you need to buy closer to LA you may consider San Fernando Valley, San Gabriel Valley, and other cities where I can locate properties for you at a lower price.
Hope this info will help you!
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Los Angeles has some of the highest home prices in the country because the demand is so high. There are other areas in Southern California or in the Los Angeles vicinity with lower home prices and newer homes. Los Angeles homes are expensive just for being in Los Angeles, especially in the Westside.
Please let me know if you have any other real estate questions.
Even using FHA financing with a 3.5% down payment, on $200k/year of income & no other debt, debt ratios would be looking pretty good on a $700k sales price in L.A.
But Terry is spot on in his response - the list would be exhaustive. I've helped retired grandparents purchase homes in the $700k range with huge down payments, straight out of med school doctors with smaller down payments, parents co-signing for their children on such house prices, etc. There isn't one type of occupation that people predominantly have over another. However all of their occupations income levels have allowed them to afford the payments that they attempt to qualify for.
Doing loans in both states, in California I've found that people are used to spending more of their income on housing than in Texas, so that could be one reason that housing price vs. income ratios here in California seem more extreme for someone coming from Texas.
Shane Milne | Lending in all 50 states | NMLS #81195
I understand your frustration..I have a couple looking in that same price range.
I really depends on where I Los Angeles you're looking. Calabasas, Woodland Hills, Thousand Oaks to name a few is where we've shifted our focus and are finding beautiful large done homes.
Us be happy to email you the property info sheets, which has several photos, complete description, school info. and much more.
Susan Bo'ur Realtor/Coldwell Banker
Have a wonderful day! And welcome to LA!