6400 Primrose Avenue Ave #23, Los Angeles, CA 90068 - Movoto (2024)

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How much does a house cost in LA? ›

Los Angeles, CA housing market

In May 2024, the median listing home price in Los Angeles, CA was $1.3M, trending up 2.1% year-over-year. The median listing home price per square foot was $731. The median home sold price was $1.3M.

The No. 1 multifamily owner in L.A. County is Equity Residential, based in Chicago, with 13,027 units.

The real estate trade association determined that local households needed to earn at least $192,800 per year in order to afford L.A. County's 2022 median home price of $849,410. Those figures assumed buyers had enough money on hand for a 20% down payment.

But in Hollywood and a handful of other central Los Angeles neighborhoods, the opposite is happening. Home prices in Hollywood fell 3% in May compared with a year earlier and have now dropped on an annual basis every month since December 2022, according to data from Zillow.

Construction began in 2014. Following delays, it was completed in 2021. Niami initially sought to sell the mansion for $500 million, but his company fell into bankruptcy and the building sold at auction for $126 million, a record auction sale price in the United States.

So if you're building a 2,000 square foot house, it will cost you about $800,000. Alternatively, if you're looking to save as much money as possible on the construction of your home, it's possible to build a house in Los Angeles for as little as $150 per square foot with the right builders.

How much does it cost to live in Los Angeles? While your spending habits influence your budget, you can expect an average monthly cost of living in Los Angeles of $3,277 for 1 person. The average monthly salary in LA is $6,319, so leading a comfortable and fulfilling lifestyle is possible.

The cost of housing is high for many reasons, including the cost of labor and materials and myriad environmental regulations and mandates, many of them important. But chief among the reasons are supply restrictions. As with any other commodity, if you restrict the supply of housing, you can charge more for it.