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Los Angeles first-time home buyers: how did you do it?

I'm feeling so defeated. Need advice and stories of hope of trying to become a homeowner in Los Angeles. How did you do it?

Our story:

We've been renting in LA (Burbank and Pasadena) and hoping to buy for years. Praying prices go down for years yet they just keep going up.

Now we're getting booted out of our rental house because the landlord wants to sell it. We have two kids and thought we'd be in this house a long time. Everyone's devastated. We pay $2550/month for our rental home now. Rents are now $3600/mo for an equivalent house. We're so frustrated. We really want to buy and have security.

I make $135,000/year and we have $50,000 cash for a down payment. My husband was in the midst of job hunting when the pandemic hit so that's on hold for now. We're preapproved for $775k at 3.375% interest. We'd aim for a house under $700k, but I can't find anything decent for that price.

It's depressing.

submitted by /u/chatnoirrrr
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/hif55v/los_angeles_firsttime_home_buyers_how_did_you_do/
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