There are occasions when buying a home for your kid in Los Angeles may make sense.
You have a child who will be attending college in Los Angeles and will be looking for at least four years of rental accommodation. They may be happy sharing with other students in which case the cost of renting could be reasonable depending on what kind of place they find and where it is located. However, the son or daughter who is moving here for their first job probably is past the apartment-sharing phase and wants to live on their own. Even your student may want their own place.
If your child is going to UCLA or working on or near the Westside, finding a decent place for a reasonable rent is going to be difficult, especially a two bedroom so that you can stay with them when you come to visit. $2,500 to $3,000 per month is an amount to keep in mind. That is money spent paying someone else’s mortgage and money you will never get back. Also, if you are planning on spending time in Los Angeles to visit your kids, and they don’t have space, factor in the cost of hotels or rental spaces.
You may be planning an eventual move to Los Angeles in which case it would be a great idea to buy a place which you could eventually take over when you relocate.
It is all a matter of doing the math. What makes the most sense. This Rent vs Buy Calculator may help. And check out some of the Los Angeles rental prices below:
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