Los Angeles has grown rapidly over the years. The suburban sprawl has spilled over the mountains and into the Inland Empire as people trade commute time for affordable housing. People often think that commuting an hour or more each way is the only way they can afford a home, unless you want to live in a dangerous neighborhood. This ignores the fact that gentrification can turn run-down areas into safe neighborhoods. And you want to get in before the prices get too high. Here are several up-and-coming neighborhoods in Los Angeles for you to consider.
Silver Lake
Silver Lake has been called the Brooklyn of Los Angeles, though it gets its name from the Silver Lake Reservoir. That is because it has long been home to hipsters and artists. This central Los Angeles neighborhood has gentrified over the years, so it is now a safe place to buy a home and raise a family. Yet this area is close to downtown LA and Hollywood. The average home here costs 1.3 million dollars.
West Adams
West Adams is a historic neighborhood in south Los Angeles. The average home here costs a little less than a million dollars. Home prices are appreciating in the area because it is in walking and biking distance of the arts district, and Highway 10 forms its northern border. This area is unusual for the sheer number of historic buildings here including historic mansions.
North Hollywood
North Hollywood is actually comprised of four neighborhoods. North Hollywood North East is the most affordable subdivision with median prices below the average cost of an LA home. On the other hand, Greater Toluca Lake has a median price of roughly 1.2 million dollars, well over the LA average. It is a hot market because it is close to the Noho Arts District, Warner Brothers Studios and Universal Studios Hollywood.
Cypress Park
Cypress Park like other northeast LA neighborhoods has seen significant real estate gains. These neighborhoods are centrally located and have excellent public transit access. And they’re attracting people who simply cannot afford to live in other parts of the city. People are buying fifty-year-old homes on large lots and renovating them or building new million dollar plus luxury homes.
Jefferson Park
Jefferson Park has seen insane appreciation. Property prices have doubled over the past ten years. People are moving here because they can’t afford to live in Westside neighborhoods. The influx of new people and resulting gentrification has led to a reduction in the crime rate, making it more suitable for families and young professionals. Many choose to live here because it is a walkable neighborhood.
Silver Lake
Silver Lake makes nearly every list of the best place to live in LA. It has a large artist community. It has small bungalows that make this area a refuge for those seeking affordable homes. It has a strong nightlife without being dangerous. You can learn more about Silver Lake here.
Lincoln Heights
Lincoln Heights is one of the oldest neighborhoods in LA. It borders the Los Angeles River and San Bernadino Freeway. It is next to El Sereno, China Town and Cypress Park. It is just four miles from downtown LA. This area has long had homes cheaper than average. However, people want to ditch the one-to-two-hour commute and live close to the amenities LA has to offer. That’s why Lincoln Heights has seen double digit appreciation every year for several years.