Los Angeles, CA, the city of angels, is the second largest city in the United States. While the area is best known for Hollywood, movie stars, and beaches there is actually far more to LA than just the film industry. Let’s discuss some of the fantastic reasons to buy a home in LA, and live in the entertainment capitol of the world.
Some people say Los Angeles lacks any true seasons due to their abundance of sunny days. Los Angeles boasts approximately 300 sunny days a year, making this Mediterranean-like climate one of the big draws of the area.
While the weather not only makes the area a great place to live, it is also a plus for home owners. Because Los Angeles doesn’t receive terrible storms or snow fall, less home maintenance is needed than other areas of the United States.
Wants for Nothing
Los Angeles, CA literally wants for nothing. Everything you could possibly need or want is easily found in or around LA. Whether you seek a quick get-a-away to Mountains, oceans, deserts, lakes or forests, it’s all here. The landscape is not the only thing you’ll find to be incredibly diverse. The variety of food, people and cultures means that there is always something new and exciting to experience. Owning a home in Los Angeles will be a great investment year-round due to the attractiveness of the area.
Los Angeles, CA is a growing city, the entire metro area has seen employers hiring at increases of 5-6% year-over-year since 2014. Economic experts have predicted this trend will continue into 2016 and 2017. Top fields expected to see growth include health care and social assistance, professional and business services; retail trade; and leisure and hospitality. These industries are expected to bring in around 80,000 new jobs in 2016 alone.
When job markets improve, the value of real estate can also rise. Investing in real estate in areas where you are certain to see big returns is always a great idea.
Southern California’s housing market should continue to see gains this year. These gains are being charged by strong job growth, which creates a larger pool of qualified buyers and increases home sales. In addition, home prices should continue to increase as well as the number of homeowners with positive equity. Low but rising mortgage interest rates may prompt would-be buyers to get off the fence and invest real estate.
Those that are unable to afford a home with a traditional mortgage might consider a rent-to-own home which has more relaxed credit requirements. Picking a rent-to-own home over a mortgage allows a tenant to live in the home they intend to purchase a later date but gives them time to build credit and savings to qualify for a mortgage.
If you are seeking a non-traditional path to homeownership, view our list of rent-to-own homes available in the Los Angeles area.