How Millennials Can Own a Home in Los Angeles—Yes, It's Possible!

How Millennials Can Own a Home in Los Angeles—Yes, It's Possible!

Hey Millennials, listen up! Ever felt the dream of owning a home in Los Angeles was just that—a dream? Well, it's time to shake off that doubt. With the right plan, you can actually make it a reality. 🏠

The Reality Check

First, let's get real. The average house in LA costs about $950,000. With inventory low and prices soaring, it's easy to feel overwhelmed. But don't lose hope. If you go the FHA route, you can put down just 3.5% of the purchase price. Quick math: that's around $33,000 for a down payment. Now, how do you come up with that kind of cash?

Cut the Frills

You spend about $7,500 a year on entertainment—dining out, movies, and yes, those lattes. Imagine redirecting that money into a down payment fund. That's a whopping $7,500 saved right there!

Rethink Your Ride

According to Financebuzz, you're also spending around $1,500 a year on gas. Carpool, use public transit, or just walk more. Boom! Another $1,500 in your pocket.

Combine these two, and you've got $9,000 saved in just one year. Feel that? That's the excitement of getting closer to your dream.

The Big One: Housing

Now, let's tackle your biggest expense—housing. It might not be popular, but if you're serious about owning a home, consider teaming up with friends or loved ones. Or, as a last resort, move back in with your parents. A one-bedroom apartment in LA can cost you $2,000 a month. That's $24,000 a year you're never getting back.

The Grand Total

Add that $24,000 to the $9,000 you've already saved, and voila! You've got your $33,000 down payment. It might sound tough, but with focus and sacrifice, it's totally doable. Can you feel the relief and excitement?

Let's Chat!

If you're curious about the nitty-gritty details or need a personalized plan, don't hesitate to reach out. Call or text me.  I'm here to guide you every step of the way.

So, what are you waiting for? Your dream home in Los Angeles is closer than you think. Let's make it happen! 🌟

Abraham Zarraga, Realtor & Real Estate Investor 


Post a Comment