Why is real estate so expensive in the LA area? Seeking thoughtful and logical answers. (Los Angeles: apartment, homes)

[Californiaguy2007]

Demand,Location,Weather,Opportunities,Entertainmen t,Scenery are just a few things of why L.A real estate is pricey....Weather is probably one of the biggest factors of why L.A will always remain desirable,and you have no idea how good L.A weather really is until you experience a True Winter in places like the Midwest or a Humid Summer in the South,and then return to L.A and truly appreciate the L.A Weather.

[CALGUY]

Weather in California is just a state of mind.
It is the drawing card for those living in other places, but once here for a while, people hardly think about the weather.
It is so constant that every day is just about the same, and no reasons exist to even give it a thought.

[mysticaltyger]

Originally Posted by Bashkim

I'm really curious. I'd really like to move out there, with the possibly of buying a house in the future, but as I look through the listings on Zillow, I really am being turned off by the idea.

$2-3 million for like quarter of an acre with neighbors right up your ass? I don't know about that.

But anyways, genuinely, why is LA so expensive? Is it because its one of the premier destinations in the country? Gateway to Hollywood? The ocean? All the above?

Really curious here ahha.

For the same reason that anywhere in California is so expensive....California refuses to build enough housing to keep up with demand. This has been going on for 40 years now. The mentality in California is "we need more housing, just not in my neighborhood".

This New York Times video goes into it in more detail. They talk about restrictive zoning laws that make housing expensive in California and elsewhere as well as other issues. They talk about California starting at 2:15.


https://www.youtube.com/watch?v=hNDgcjVGHIw

[foodyum]

Another reason not mentioned is that some industries pay a giant premium in LA. No way could you get that kind of salary for that kind of job in almost anywhere else in the country. Less obvious jobs are real estate and luxury car sales, anything beauty or plastic surgery related, along with Tv and movie industry specific Jobs. Some workers can’t afford to move, they are paid just too much and they can’t replicate the salary and lifestyle anywhere else.

[1200RT]

Originally Posted by mysticaltyger

For the same reason that anywhere in California is so expensive....California refuses to build enough housing to keep up with demand. This has been going on for 40 years now. The mentality in California is "we need more housing, just not in my neighborhood".

This New York Times video goes into it in more detail. They talk about restrictive zoning laws that make housing expensive in California and elsewhere as well as other issues. They talk about California starting at 2:15.


https://www.youtube.com/watch?v=hNDgcjVGHIw

LOL @ video.

"what do democrats do when they have all the power"

Asked and answered. Yet they keep electing them.

[9162]

Originally Posted by Bashkim

But anyways, genuinely, why is LA so expensive? Is it because its one of the premier destinations in the country? Gateway to Hollywood? The ocean? All the above?

Really curious here ahha.

Actually, when you contrast this with the size of Los Angeles county and the surrounding counties, it’s really a massive area. Virtually, every metro area has slums which are usually affordable, dangerous, but affordable. It seems considering the size of CA, it shouldn’t be completely built up yet, the way most cities are on the east coast. So, what do the children in CA do when they grow up? Where do they live? They can’t all have rich parents that set them up. Do most move out of state? If so, are they typically very disappointed when they do?

[CA4Now]

Originally Posted by mysticaltyger

For the same reason that anywhere in California is so expensive....California refuses to build enough housing to keep up with demand. This has been going on for 40 years now.

40 years ago there were 24,000 people in California and the median price of a home was $111,800. That house, adjusted for inflation, would be around $314,918 today. Median home price in the state is more than double that today.

[NearFantastica]

Los Angeles is expensive because it's Los Angeles... think about where the city is located, the weather, the culture, the food, the arts, the diverse communities, the beaches, the lifestyle, the entertainment, the job opportunities, it's truly one of the best cities in the world. Only Sydney, Australia and Santiago, Chile come close to matching LA and what do you know, both of those cities are also expensive.

[NearFantastica]

Originally Posted by 9162

Actually, when you contrast this with the size of Los Angeles county and the surrounding counties, it’s really a massive area. Virtually, every metro area has slums which are usually affordable, dangerous, but affordable. It seems considering the size of CA, it shouldn’t be completely built up yet, the way most cities are on the east coast. So, what do the children in CA do when they grow up? Where do they live? They can’t all have rich parents that set them up. Do most move out of state? If so, are they typically very disappointed when they do?

Children who grow up in LA do what children in any city do, they work and live. You don't need to be rich to live in LA or California, there are many blue collar workers who do just fine. If California was some hellscape for the average person and only the ultra rich can live there like conservative propaganda wants you to believe, then the state would fail to function.

[green_mariner]

Geography. In between the ocean and the mountains, you can only build so far out. Millions of people squeezed into coastal valleys doesn't bode well in terms of cost of living. Alot of people moving into an area with not so much land, means real estate prices go up dramatically.