Finding affordable housing in Los Angeles can be challenging, especially in areas like the Westside. Instead, real estate agents recommend exploring neighborhoods to the east, south, and in parts of the San Gabriel and San Fernando valleys. Popular areas that were once accessible may now be out of reach due to rising home prices.
For instance, Highland Park, Eagle Rock, Mount Washington, and Glassell Park have median listing prices over $1.1 million. Agents now suggest Cypress Park, where homes list around $794,000, El Sereno at $825,000, Montecito Heights at $649,000, and Lincoln Heights at $699,000, according to Realtor.com’s data.
Carmine Sabatella, a real estate agent at the Agency, notes that homes under $1 million in Eagle Rock or Silver Lake might only be fixers requiring expensive renovations. Most people in this price range are unlikely to afford extensive upgrades beyond $30,000, limiting their options.
Alternative neighborhoods in San Gabriel Valley include Alhambra, with a median listing price of $798,500. Monrovia sees homes selling below asking prices, with a median selling price of $940,000. The San Fernando Valley requires careful selection; Woodland Hills and Sherman Oaks are less affordable options with median listings around $1.5 million. Instead, Winnetka and Canoga Park could offer better bargains.
Affordable homes under $1 million vary by location. In El Sereno, it might be a renovated three-bedroom for $670,000 or a flipped three-bedroom for $995,000. Cypress Park offers a modern four-bedroom townhouse for $899,000. Monterey Hills has a two-bedroom condo at $535,000, and Canoga Park lists a fixer-upper for $750,000. In Alhambra, a move-in-ready two-bedroom townhome may cost $735,000.
Neil Potts from Keller Williams Larchmont emphasizes the appeal of the San Fernando Valley for buyers seeking more space within commuting distance to prime locations. However, he warns of potential traffic challenges on the 101 freeway. Being mindful of transportation development is crucial, as improvements might enhance connectivity over time, although projects like L.A. Metro’s first valley light-rail won’t complete until 2031 at the earliest.
Occasionally, properties outside recommended areas may offer surprising value, but these are exceptions. For example, Sabatella recently sold a well-appointed Spanish bungalow in Pasadena, sized at 1,020 square feet with two bedrooms and one bath, for $945,000. This was an uncommon opportunity in the current market.