Top 3 affordable neighborhoods for Los Angeles home buyers

You may think that buying a home in Los Angeles is too far out of your reach, but rest assured, there is a good chance that you can find reasonably-priced properties in a few different locations. The Valley, Del Rey and Echo Park all offer relatively affordable homes for Los Angeles home buyers.

The Valley

The San Fernando Valley, known simply as "The Valley," is where many native Los Angeles residents go to plant their roots and raise a family. It has everything a suburban community needs, from a variety of dining options to shopping malls without the high rises and crowding that is common in the city. This culturally diverse neighborhood has its own performing arts center and a range of dining options for its residents to enjoy

In The Valley, you will find everything from condos to town homes to single family properties. While million-dollar luxury estates are available, the average listing price in November 2012 was around $350,000 with an average home sale price of $238,000. This is far more affordable choice when buying a home in Los Angeles, yet it is still within a 30 minute drive of downtown LA.

Del Rey

Los Angeles home buyers on a tight budget can also shop in Playa Del Rey. Less than an hour away from Downtown Los Angeles, this beachside location is just to the west of Los Angeles and offers residents the luxury of living near the ocean. While a waterfront property may cost Los Angeles home buyers over $1 million, you can find affordable Playa Del Rey properties inland with an average sales price is $455,000. What's more, the influx of foreclosures in Playa Del Rey means that single-family homes in the $300,000 range are often available.

Echo Park

Finally, when buying a home in Los Angeles on a budget, consider Echo Park. The average listing price here is $749,000, with an average sale price of $480,000, as of November 2012. Condos are more common in Echo Park than the other two communities, but single family homes are also prevalent. This is another area where foreclosures are common, and because of this Los Angeles home buyers can find properties in the $200,000 range here.

Of these three, Echo Park is probably the closest to downtown Los Angeles. In fact, from the community's park, you can see the high-rises of the downtown region. Public transportation is easily accessible from Echo Park. This neighborhood is famous for its community lake. It is also host to several important Los Angeles festivals, including the annual Lotus Festival and the Cuban festival held each May.

Home buyers may feel that finding affordable property near LA is impossible, but by shopping carefully and looking at foreclosures, it can be done. With these three affordable neighborhoods, you can find a place to raise your family while easily commuting to downtown Los Angeles

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