How much income do I need to buy a home in Los Angeles?

To afford a home in Los Angeles, you would need an annual income of at least $288,579. This is based on the current median listing price of $1,100,000 for a home in the area. This income figure assumes a standard 20% down payment on that $1,100,000 home. Your actual income needs might change a bit depending on your specific loan terms and personal financial situation. The median listing price has stayed pretty steady from last month, only going up 0.1%. However, it's down 8.0% compared to last year. This means homes are a little less expensive than they were a year ago. Homes in Los Angeles are staying on the market for about 47 days before going under contract. This is a bit longer than last year, when they sold a little faster. About 14.3% of homes have also dropped their prices. For anyone looking to buy, understand that the median price per square foot is $667. This gives you an idea of value, but remember that the overall listing price is key to figuring out your required income. Consider talking to a lender to get a personalized breakdown of what you can afford. They can help you understand all the costs involved beyond just the listing price.