LA Housing Continues to Rise over May

       The median home price in Los Angeles is over $630,000, signaling a continued recovery of the housing market in Los Angeles. First time home buyers are the primary force behind this upswing in the market, but investors and baby boomers are adding to the rise of bids 4% over asking on average. Multi-family construction, that is homes with at least one additional rental unit have begun to outstrip the single family residence that has traditionally dominated the trends for builders. Considering that lenders will give significantly more to prospective buyers of multi-family units instead of single family homes, this isn't surprising. On that note about rentals, the average rental in Los Angeles jumped to $2503. Combined with the fact that the federal government offers a mortgage tax break that can net returns of ~$11,000+ per year, many new home buyers can find that the slightly higher mortgage ends up being cheaper or equivalent to renting in Los Angeles.