The Honeycutt House, designed by Lloyd Wright—son of architect Frank Lloyd Wright, seeks a new owner to revel in its recent restoration.
Completed in 1955, the midcentury modern marvel is in Long Beach, CA, a coastal community 25 miles south of downtown Los Angeles. The 2,382-square-foot home features three bedrooms and four baths.
It’s listed for $2.95 million with Cynthia Voss and Nathan Walter, of Re/Max Real Estate Specialists.
Lloyd Wright, who also went by Frank Lloyd Wright Jr., designed the Hollywood Bowl’s band shells and assisted his famous father with four Southern California homes, including the Ennis House.
In 1953, Wright received the commission to design the property, now known as the Honeycutt House, on a sloped lot.
The sellers, who are only the home’s third owners, snapped up the property in 2021 for $950,000 from a family who had owned it since 1978.
“It was not maintained,” says Voss. “My client had to fix a lot of termite damage.”
Operation restoration
The sellers completely refurbished the place in 2022 and into 2023.
They reinforced the carport and created a deck on top, added a new roof and a lower-level living area, and replaced all the windows—improvements that made the home more conducive to modern living.
The home’s electrical wiring and HVAC systems have been updated, and two new outlets in the carport can charge electric vehicles.
The reimagined, 780-square-foot lower level—now accessible from upstairs—could be used as an in-law suite or for a college graduate.
“It’s kind of like having a suite of their own,” Voss says.
The renovation sought to retain original design features—including paneling; a wall of open, vertical slats; wood-framed, sliding-glass doors; and a double-sided, brick fireplace.
Voss notes that the wood floors have been restored, and the kitchen cabinetry and custom facades were made to match the look from 1955.
“They remodeled the kitchen but to the form and style of the original home,” she says, adding that the bathrooms were also redone “to the midcentury modern style but also to 2023 standards.”
Appealing area
The home is situated in a beloved area, adding to its allure.
“Market State is a lovely neighborhood with large lots—and the most expensive in Long Beach, with the exception of Naples,” Voss says. “It’s very much a family neighborhood and also empty nesters. People love the neighborhood so much, they stay after their kids have grown.”
This home is near the 18-hole Recreation Park Golf Course and California State University, Long Beach.
In this community of single-family homes and tree-lined streets, “you have to get permission to even cut a tree down,” Voss says. “They really maintain a classic neighborhood look.”
She thinks the buyers will be “professional people that have a love of architecture and art and an appreciation for owning a trophy or legacy property.”
The potential party pad might also attract an entertaining enthusiast.
“The way [Wright] positioned it on the lot and created the outdoors space, it would be a wonderful home to entertain in,” Voss says.
Stone walls, crocodile-filled moats, Rottweilers — our ancestors found some pretty creative home security solutions!
Today’s home security systems feature a more tech-savvy approach, but the goal remains the same: to keep your family, your property, and your stuff safe from outsiders.
Recent innovations have fueled a new surge in home security sales.
As you shop around and compare systems, consider your home’s security challenges, your lifestyle, and your budget.
Chances are good you’ll find the system you need, whether you’re a new homeowner or just new to the home security market.
How Security Systems Have Changed Over Time and Recently
Believe it or not, tech-driven security systems have been around nearly two centuries. Augustus Russell Pope of Boston combined electricity, magnets, and a bell to create a burglar alarm in the 1850s.
Marketing the invention proved difficult, though, because people feared electricity as much as they feared intruders. As the decades passed, the world caught up with Pope’s idea.
By the early 20th century, electricity had grown safer and more common. The burglar alarm started to catch on.
By the 1970s, home security systems featured motion sensors. Off-site monitoring caught on in the 1980s.
Prices started to fall in the 1990s, making systems accessible for more homeowners. Now the internet has changed the industry again.
For a few hundred dollars in hardware and installation fees — or perhaps less if you install the system yourself — you can monitor your own home from your smartphone from work, school, your commute, or even while on vacation.
These new systems have drawbacks, too, so before you jump in, make sure you’re getting the security your family needs.
Monitored Vs Unmonitored Security Systems
This has become the first question to ask when shopping for home security: Should you pay more for a system with professional monitoring included?
For decades, monitoring fees prevented a lot of homeowners from getting a home security system.
Even the lowest fees can become cost-prohibitive when you pay them month after month and year after year for the indefinite future.
For those homeowners, unmonitored systems may offer the only way into the home security market. If you have a choice, though, give this question some thought.
Monitored systems come with some advantages you may like.
Advantages of Professionally Monitored Systems
Just like with cars, computers, and houses, you get what you pay for with a home security system.
A monitored system costs more, but consider these advantages:
More seamless responses: With an unmonitored system, it would be up to you to contact fire or law enforcement officials when you get an alert about an intruder. When you’re out of town, calling 911 probably won’t work as quickly since you’d have to be transferred between areas of jurisdiction. Someone monitoring your home should be able to contact officials more quickly.
Someone else deals with false alarms: When you’re at work or out shopping and you get a security alert from your unmonitored security system, it’s up to you to assess the risk. If the FedEx guy triggered the alarm by delivering this month’s dog food, you’d feel relieved. But when something like this happens several times a day, it starts to get distracting. A monitored system can take care of these distractions, saving your attention for when it really matters.
Equipment may be included: Customers who buy an unmonitored system tend to be responsible for maintaining and upgrading their own security equipment. A monitored system would more likely include the equipment and, naturally, its maintenance and upgrades. In a fast-changing industry, your gear can get outdated pretty quickly.
Protection isn’t dependent on cell service: Most of us always know where our phones are. But what happens when you’re in an area with poor service or when you lose your phone on the Slinky Dog ride at Disney’s Hollywood Studios? (I’m not judging!) You may not have access to your at-home security system alerts when most needed. A monitored service can contact authorities to protect your home even when you aren’t in the loop.
Advantages of Unmonitored Systems
Unmonitored, also known as self-monitored, home security systems have become the fastest growing segment of the market for a reason. Advantages include:
The cost, of course: Since you could use a self-monitored home security system without paying monthly fees, you can save a lot month to month and year to year. Even if you pay a professional to install the system’s panel or cameras, you can still avoid that monthly bill.
A perfect fit if you’re renting: The home security market has traditionally ignored renters since they don’t have the authority to install hardware or enter a long-term contract. An unmonitored system offers exactly what a renter needs: flexible service with no long-term commitment.
Having more control: When you’re making all the decisions about whether to call for help or whether it’s a false alarm, you’re automatically controlling the response level. Since you know better than anyone what’s normal at your home, this can prevent some confusion. For example, the monitoring service may not know your brother has a spare key but does not know the alarm code. Since you know this, you can automatically filter out the police response as a viable option (unless you really have it in for your brother).
Integrating additional home systems: Some of the best self-monitored systems are an extension of WiFi-enabled home automation. Along with feeling more secure, you can also lock or unlock doors, change your thermostat, turn certain lights on or off, and even control the garden sprinklers (and lawn mowers!), all from an app. (Traditional monitored services have started adding these features, too.)
Can You Get the Best of Both Worlds?
Wouldn’t it be nice if you could combine the best aspects of professionally monitored and self-monitored systems?
Well, the industry has been moving in that direction.
Here’s why: The rapid growth of self-monitored home security systems has grabbed the attention of the traditional home security companies.
The leading monitored services are compensating by adding modern conveniences such as app-based customer control and, in some cases, acquiring smaller, self-monitored home security companies.
And it’s not a one-way street: Some self-monitored services have added the option to have your home professionally monitored, but with a twist. You can get add-on monitoring for a fee only when you need it. That way you could still avoid the contracts and flat monthly fees.
As the market continues to evolve, I’d expect to see less separation between these two categories.
But full-time monitoring will continue to be a separator. It simply costs more money to have someone monitoring your home and responding to problems all day every day.
And in many cases, professional monitoring equals a more secure home.
Should You Buy a Monitored or Unmonitored Security System?
This gradual merging of monitored and unmonitored home security features could, ironically, make it harder to decide what kind of service to buy.
If you like the control an unmonitored system offers, you don’t necessarily have to opt for an unmonitored system anymore. You can find a monitored system with similar capabilities.
Or, if you want a monitored system because you’re out of town a lot, you no longer have to choose from only traditional security service providers. You may be able to find an unmonitored service with added-on monitoring periods without a contract.
If you can’t decide for sure, take a look at your home, your lifestyle, and your personal preferences. They can tell you a lot about your needs.
What Type of Home Do You Have?
The kind of home you’re protecting should help drive the kind of protection you buy.
Makes sense, right?
Well, it’s easy to forget such obvious things once you start comparing features, prices, contracts, apps, and customer reviews.
Take a look around your home. If you have two full floors full of windows and doors, along with a garage door and windows to consider, you’ll need a lot of equipment installed and maintained.
You’ll also have a lot more sensors to trigger false alarms. A monitored system could be worth the cost.
On the flip side, if you live in a 2-room apartment with just a few windows and only two doors, your up-front equipment investment will be less, and you’ll have fewer trigger points to keep an eye on as you monitor things while away. A self-monitored system could do the job.
How Connected Are You?
If a home security system sends an alert to your smartphone but no one is around to hear it, does it make a sound? We could debate that question for hours, and if your phone happens to be off, someone could be stealing your stuff as we contemplate.
With an unmonitored system, you’re on call around the clock via your smartphone. If you’re the kind of person who likes to unplug after work or while on vacation, you may want to lean toward a monitored security system.
If, however, you and your phone are inseparable — if you sleep with the phone beside you on the pillow — you’re likely set up well to monitor security alerts.
That said, I’d suggest using a different ringtone for home security alerts. You wouldn’t want to ignore a serious problem thinking it was just a reminder to pick up your sister’s cat from the vet tomorrow.
How Connected Is Your Home?
Most of us have WiFi at home now. Most does not mean all, though.
People without WiFi at home will have a hard time using all the features of a self-monitored home security system.
In that case, a landline-based, traditional system would be a better option.
If you have WiFi, the quality of your surveillance will depend a lot on the quality of your Internet connection.
As more devices and appliances get online — thermostats, washing machines, tablets, phones, TVs, refrigerators, lawn mowers — there’s more demand on your network. For many of us, a DSL connection just doesn’t cut it anymore.
If you have a gigabit-per-second coming across fiber into your home, your unmonitored security features should work just fine.
How Busy Are You?
A lot of us can add tasks to our regular schedules without a lot of stress. People in the gig economy or with a couple side hustles may have just the kind of schedule flexibility they need to assess threats from their smartphones.
Sure, you may have to re-arrange a few things or tell a client to hold on a second while you check the alert on your phone, but it’s still possible. People who teach school, run meetings, perform surgery, or preside over class-action lawsuits may not have time to check their phones every couple of hours.
Just like any other commitment you take on, consider the time demands of an unmonitored security system.
I’ve been in more than one meeting where someone had to check on a security alert. (Usually, something like leaves blowing onto the porch or a delivery from Amazon triggered the alert.)
Do You Own Your Home?
I referred to this earlier, but it bears repeating. Traditional home security firms more or less ignored renters for years since they didn’t have permission to install a system anyway.
With no wires to run behind walls, a tenant can usually install an unmonitored system without changing the property.
Mounting a camera in the corner is hardly different from hanging a picture, and it’s a whole lot simpler than installing a wall-mounted TV.
Plus, when you move on to a new home in a new city, you could take a lot of the system’s components with you to use at the new rental house. Of course, check your lease agreement to make sure you have permission to make the changes an unmonitored system would require.
And, by the way, if you’re a renter who would like a traditional monitored system, ask your landlord about it. He or she may be fine with the idea, especially since a system could reduce your landlord’s homeowners insurance rates.
Best Security System Providers For 2023
We’ve chewed on a lot of theoretical stuff, so let’s get into what really matters. How do systems compare to each other, and which one should you get?
A year or so ago I would have made two best security system lists: One for monitored security systems and one for self-monitored systems.
The features of these systems have blended so much I think one list will better serve shoppers. I’ll be sure to indicate whether you would need a contract to use each service.
While convenient features are important and worth weighing into the equation, the quality of the system itself still matters most.
So I’ll be giving the quality of your home security system first priority in these comparisons while giving conveniences and customer flexibility a little less importance.
Frontpoint
Contract required: Yes Professional monitoring: Yes Length of contract: At least one year
Remember earlier when I suggested the future of home security will likely blend the features of monitored and unmonitored systems?
I had Frontpoint in mind when I said that.
This company has led this confluence of features, offering professional monitoring plus the conveniences do-it-yourself systems introduced.
Yes, Frontpoint requires a contract and you’ll be paying for 24/7 professional monitoring. But you’ll also have a user-friendly app that can control your locks, lights, and thermostat.
With Frontpoint, you install the equipment yourself since it’s wireless, lightweight, and easy to position with included adhesive strips.
Essentially, Frontpoint offers the best features of monitored and unmonitored services in one package: professional monitoring, quality equipment, convenient features, and a do-it-yourself approach.
That’s why I’ve listed Frontpoint first.
I also like the 30-day, risk-free guarantee. If you’re unhappy with the service, Frontpoint won’t bill you and you can return all the hardware. You won’t be on the hook for the rest of the contract.
I also like the one-year contract. Most companies require a three-year commitment.
Frontpoint offers three price points. If you’d like to access recorded video surveillance from your property, you’ll need to go with the most expensive plan.
Best for: A homeowner who wants mobile control, full-time professional monitoring, and more contract flexibility than usual. Avoid if: You don’t want to enter at least a one-year contract.
ADT Pulse
Contract required: Yes Professional monitoring: Yes Length of contract: At least three years
ADT, a leader in home security for almost 150 years, has also started offering the conveniences of unmonitored security in its ADT Pulse system.
Like Frontpoint, ADT Pulse still bases its services on contracts, but it has bulked up its app to give customers more control over their security equipment. In fact, you can probably incorporate your own cameras and sensors into ADT’s system since it supports many third-party hardware brands.
Unlike Frontpoint, ADT Pulse includes professional installation (and a corresponding $99 set-up fee). The result is another best-of-both-worlds approach for the customer who is willing to enter into a contract.
In ADT’s case, the contract will last at least three years, and you’d be billed a hefty termination fee to get out of it.
ADT will let you out of the contract if you’re not happy with the service, but it’s not a no-questions-asked policy. ADT will try to resolve your issues, which is a good thing if home security is your priority.
Best for: A homeowner who wants a time-tested, trustworthy home security partner with professional installation plus modern mobile-based control. Avoid if: You’re not sure about entering a long-term contract.
ProtectAmerica
Contract required: Yes Professional monitoring: Yes Length of contract: At least three years
By now you’re sensing a trend: Traditional, contract-based home security companies that have adopted modern conveniences are dominating the top of this list.
And for good reason: Ultimately, a home security system should provide the best home security for you and your family, and professional monitoring tends to offer more security.
ProtectAmerica makes this list for those reasons and because of its flexible pricing options. The company has five price points.
I’d stay away from the company’s less expensive, landline-based options. They do not offer the control and integration you’d get from Frontpoint or ADT Pulse (unless you want a traditional, landline-based system).
ProtectAmerica’s broadband and cellular-based options deliver a lot. You can even integrate the system with your Amazon Alexa or Google Home smart device for voice control.
And when an alarm goes off, you can also get a voice prompt from the system telling you which sensor or camera triggered the alarm. When you’re half asleep, this simplicity can pay off! There’s also a panic button which will automatically call for help.
Best for: A homeowner or renter who wants the conveniences of tech-based security with fewer potential complications. Avoid if: You’re shy about a three-year contract.
Vivint Home Security
Contract required: No, unless you’re financing equipment Professional monitoring: Yes Length of contract: At least 42 months (but only when financing equipment)
If you’ve been looking for a no-contract home security solution that still delivers professional results, consider Vivint Home Security. Vivint offers monitoring for a monthly fee, but it doesn’t require its customers to commit to more than one month at a time.
However, if you cancel your account while you still owe money on your equipment, Vivint will bill you for the balance. So even though you wouldn’t have an official contract, you’d still be compelled to keep the service or pay a lump sum to end your connection to the company.
It’s not exactly a no-strings-attached situation, but customers do have more control month to month, especially if they pay up front for the equipment.
Vivint makes this list because of this potential flexibility and because of the flexibility of the company’s equipment.
You can essentially build your own home security and home automation package the way you want. Rather than choosing from a package, you can combine different kinds of surveillance equipment including outdoor monitoring, and different safety features such as smart lighting and thermostat control.
You can manage your system through a Google or Amazon smart speaker or you can use a more customized control panel.
Best for: A homeowner who wants to customize a security solution. Avoid if: You don’t want to pay up front for equipment. If you don’t pay up front, you’ll have a de facto contract.
Link Interactive
Contract required: No, unless you’re financing equipment Professional monitoring: Yes (by a third party monitoring center) Length of contract: N/A unless financing equipment
Link Interactive rounds out my top 5 because, once again, it blends traditional and unmonitored features to give customers the best of both worlds. Link Interactive stands out because it has embraced broadband and cellular networks more thorough than most other providers.
As a result, you can talk with a professional monitor through your control panel at home during an emergency. Sometimes just knowing what’s going on and finding out easily when help will arrive can alleviate stress.
But you should know that Link Interactive uses a third party, which doesn’t always equal a loss in quality, but it does mean the company has less control over the monitoring process.
Still, lots of Link Interactive customers have been satisfied with their service according to TrustPilot and Better Business Bureau reports, which tend to lean toward the negative for security systems.
Link Interactive lets you pay month to month instead of committing to one to three years. However, as with Vivint, if you owe money on your home security equipment, you’d have to pay the balance if you canceled service.
So unless you pay up front for the equipment or pay the balance down enough to make more affordable, you’d likely be sticking with the service for a while.
Essentially, it’s a contract by another name. Link Interactive does stand by its 30-day grace period. If you change your mind or don’t like the service, you can cancel without obligations.
Security matters most, and even though I’ve listed a couple concerns, Link Interactive has the experience (about 70 years’ worth) and the equipment to serve its customers well.
Best for: A homeowner who wants a reliable partner with the best modern conveniences. Avoid if: You don’t plan to stick with the company for at least until you’ve paid off the equipment.
Best Self-Monitored Home Security Services For 2023
I know — I listed my five top choices for home security, and not a single one offers a completely self-monitored system.
I alluded to the reason earlier but here it is again: Professionally monitored systems simply provide better security across the board, and we’re looking for the best home security systems.
In most cases, security tends to be better because you have a staff of monitors at the ready to respond to a crisis at your home.
Most, of course, doesn’t mean all. You may have just the right work-life balance to handle a self-monitored system. Or you might just prefer to self-monitor your home security, either to save money or because you like the control.
If so, you have a lot of choices.
Let’s take a look at a few of my favorites.
Ring Alarm
You’ve probably seen this one on TV. It looks simple, efficient, and affordable.
Overall, it lives up. For only $200 or so up front, you can get a pretty solid set-up and install it yourself. Pricier packages offer more components for larger homes.
You can opt for professional monitoring (for $10 a month or $100 a year) or for self-monitoring, which is free. Ring connects to Z-wave, which means you can incorporate a wide variety of home management and security equipment.
Amazon owns and sells Ring systems, so if you’re a frequent Amazon shopper you’ll know pretty much what to expect.
Best for: A low-cost but useful alternative with professional monitoring available.
Honeywell Smart Home Security
Honeywell, whose name you may have seen on thermostats somewhere along the line, has expanded its business into smart home connectivity, including home security.
You’ll pay more, over $1,000 most likely, to get your system going, but after that, you can do a lot, including arming and disarming the system with a key fob and even integrating facial recognition.
Honeywell’s system works seamlessly with Amazon Alexa, and the system should soon also offer Google Assistant and Apple HomeKit integration.
Honeywell also syncs with Z-wave, which means you can use all sorts of wireless equipment to manage and monitor your home.
Best for: A do-it-yourself alternative that still has top-notch gear and accessibility specializing in self-monitoring.
SimpliSafe
SimpliSafe has grown in name recognition and market share. The company offers a lot of options. About 16 to be precise. They all vary slightly in the number of components and price.
Set-up fees range from about $290 to about $550 depending on how much equipment your home needs. The equipment is easy to install and use. You can go without professional monitoring and keep using the security equipment.
It tends to be harder to incorporate third-party equipment, though. So if you get SimpliSafe don’t assume you can use existing gear from previous systems.
Best for: An all-in-one system for homeowners new to security systems.
Nest Secure
If you use Google products — Google Assistant and the Android operating system, for example — Nest Secure could offer a sensible extension for your home automation and security needs.
Naturally, the service integrates nicely with Google Assistant and your Android phone or tablet. You can spend up to $500 or so getting the equipment set-up.
You can add professional monitoring on a contract or month-to-month basis.
Best for: Customers who already use Nest home automation products. Nest is part of Alphabet, Google’s parent company.
Going Cheap? Create Your Own System And Go Full DIY!
Even though the home security market has changed a lot with the success of self-monitoring systems, customers still have two basic choices:
Enter a contract of some sort to get professional monitoring and pay less up front.
Buy a do-it-yourself system, spending $300 to $1,500 up front, and have the freedom to self-monitor and avoid the contract.
Some customers wonder why they can’t just buy some cameras and door sensors and connect the gear to their smartphone. That may be possible, and if that’s your thing, you could save compared to buying a pre-packaged deal.
But, for the majority of consumers, I do not recommend this approach for a few reasons:
It depends upon your ability to connect and maintain the equipment.
You couldn’t add professional monitoring if you wanted to.
It’s more difficult to self-monitor without an app to centralize the camera feeds and sensor data.
Regional Security Firms May Offer a Lot
I tried to limit this post to companies offering nationwide service. Some regional companies offer great equipment and great service, too.
If you’re considering a regional firm in your area, make sure to check on the following issues:
Who monitors the company’s security systems? Is it local or third party? If third party, try to find out response times for the monitoring service.
Are you as the customer responsible for maintaining the equipment or will the company keep it up to date? If you’re responsible, work that into what you’ll be paying.
Does the system’s control panel have a battery backup during loss of electricity? What about backup for the WiFi connection? If not, the system could leave you vulnerable.
If you have the ability to self-monitor, can you integrate components you already own via Z-wave or another similar service?
What do local law enforcement officials think about the firm? Cops know a lot about home security. They may know the value of a local or regional home security outfit.
Need Proof of Results? Ask Your Insurance Agent
Our homes are personal. Having a stranger violate, steal, or destroy our homes, our property feels like a personal attack even if we’re not home and deal only with the aftermath.
People who have experienced that feeling know it can change the way you look at the world for a while.
It makes sense for homeowners (and renters) to seek some kind of protection against this danger. No system can guarantee your safety and the safety of your family.
But home security systems do get results. For proof, just ask your homeowners insurance company.
Many insurers will give you a discount on your home insurance premiums if you have a professionally monitored home security system. Insurers give this discount because they know a quality home security service will likely reduce the likelihood of a personal property insurance claim.
As you compare systems, consider what kind of security you need and whether what you’re buying fits your home.
Security is personal. It’s up to you to make sure you’re getting a system to match your life.
Los Angeles is an expensive city, but if you know where to look, you can get a lot for the average U.S. rental price.
Los Angeles, or the City of Angels, is home to over 3.8 million people. And it’s no wonder why so many people call this Southern California town home. It has almost year-round sunny weather, close access to the beach, countless entertainment opportunities, endless shops to explore and hundreds of restaurants to eat at.
It’s also one of the most expensive places to live, but you can find something around the national average rent price (which falls just under $2,000) if you look carefully and focus on smaller apartments. We are going to show you several places where for you to live in Los Angeles where rent will cost about $2,000 a month.
How much apartment can you get for $2,000 in Los Angeles?
Before we dive into specific apartment complexes and locations in LA that cost less than or equal to $2,000, we are going to highlight a few cost-of-living statistics and averages.
Average rent in Los Angeles
Apartment prices will vary depending on location, size and amenities offered, among other factors. Using Rent. data, here are some of the recent rental market trends:
Studio: $2,294 per month
One-bedroom apartment: $2,765 per month
Two-bedroom apartment: $3,619 per month
We’ve done our research and found five apartment complexes that offer rentals for under $2,000 a month, making them some of the most reasonable finds in Los Angeles. Let’s take a look!
Where to live in Los Angeles for $2,000
So, your rental budget is around $2,000 per month and you’re wondering what that will get you in a city like LA? Well, here are a few hidden gems to consider when apartment hunting in Los Angeles.
AVA Studio City
Source: Rent. / AVA Studio City
Located in the Studio City neighborhood, this apartment complex has apartments starting at $1,906 per month. Sizes vary from 426 square feet to 1,576 square feet. Highlights include a washer and dryer in the unit, AC and a swimming pool. Check out this apartment if you’re looking for a reasonably priced apartment in LA.
AVA Burbank
Source: Rent. / AVA Burbank
Another AVA complex is located in the Burbank area of Los Angeles. For $1,863+ you can rent a clean, modern apartment that is dog and cat friendly. Burbank is located near the Warner Brothers lot and several other entertainment hubs. This is a lively and vibrant part of the city so you’ll have endless things to do. Close by is a Vons, Trader Joes, Ralphs and Whole Foods — everything you need.
Ferrante
Source: Rent. / Ferrante
Ferrante is a beautiful apartment complex that offers studios to two-bedroom apartments in the $1,972+ price range. Located in downtown LA, you’ll be in the center of the action but have a quiet, serene place to call home at the end of a busy day. Amenities include a swimming pool and fitness center on-site.
The Cleo
Source: Rent. / The Cleo
The Cleo is an apartment complex that rents studios to two bedrooms in the $1,918 range. Located in Koreatown, you are near different grocery stores and shopping areas close by.
This apartment complex has a high walking score, meaning the area is walkable to get to the main places you may need to go. Apartment features include large closets, assigned parking and patio space. You’ll also have access to a fitness center and a swimming pool.
Living at NoHo
Source: Rent. / Living at NoHo
NoHo, or North Hollywood, is commonly considered the Arts District of the city. Located close to Universal Studios, it’s a hopping part of the metro. You’ve got shops and restaurants, grocery stores and coffee shops nearby, as well.
Floor plans vary and prices for rent go as low as $1,276 per month. So, you can find a place that gives you the added value of being in the heart of the city.
Consider other costs associated with living in LA
Now that you’ve seen some options for apartment rentals, don’t forget to add up the cost of utilities and other living expenses. Here are some other figures to pencil in when you’re planning a move to California.
These are just some of the basic costs associated with living. You’ll also need to factor in things like transportation, childcare, clothing, healthcare and entertainment. Once you’ve found an apartment that meets your needs, you can pencil in the other costs and finalize your budget, as well.
Find your perfect LA apartment
Now that you’ve seen some options of where to live in Los Angeles, you can decide if this city is right for you. Check out our comprehensive rental market data for more information or use our Rent. apartment finder tool for LA to find a home that you’ll love coming home to.
While the price tag is hefty in LA, you’re sure to love the mild climate, the entertainment scene and the endless miles of blue Pacific Ocean.
Television does the art of negotiations a serious injustice. According to Hollywood, you’d better put on your ray bans and poker face. Otherwise, the seller will bully you into accepting an offer way outside your budget. Or one party will stealthily pass a sheet of paper with a number across the table to another party, who then flips out.
In real life, that’s not how it works. Now, this is not to say you should walk in unprepared, but you also aren’t playing high stakes poker here. There is no winner takes all. A win in real-estate negotiations is when both parties walk away happy. Think HGTV happy tears when someone gets their dream home. So, how do those white-knuckled negotiations work when the cameras aren’t rolling? Let’s check it out.
Let’s Meet in the Middle
The key here is to make the other party think they are in control of the deal. Don’t be the sleazy car salesman before the devil horns come out. Your words and your body language must be genuine. Nothing makes a person turn into The Hulk like feeling tricked into a deal. You want everyone to feel like they are on the same team. Affirming language is the tool of choice.
If you think they are going to go catatonic on you, give them an out. Take a tip from Josh Flagg founder of Flaggship.com. Use phrases like “You’ll probably refuse, but …” to allow the other party the freedom to say no. You may be thinking, “I don’t want to give them a free pass to back out!” Don’t worry, that’s not what you’re doing. You are increasing your chances of winning the other side over.
Who Has the Upper Hand?
Before you are negotiating you need to know what type of market you are in. Otherwise, you’ll be pulling your hair out and get an eye twitch when another deal falls through. Don’t be that guy. It’s not worth it.
Sellers’ Market
Don’t offer lower than list prices for homes. In a seller’s market, they are being bombarded with offers. Don’t get laughed out of the running.
No special requests. If you don’t like the paint this is a chance to brush up on your DIY skills. The seller has other competing offers. You don’t want yours kicked out of the pool.
Work with the seller. Moving is a time-consuming and stressful process. Be flexible with the seller on their move out date. It will make your offer look better.
Be extra! In a good way. Make sure you are pre-approved for the loan.
Buyer’s Market
Negotiate closing costs. Those closing costs add up fast! In a buyer’s market, you can request that the seller pay closing costs during negotiations.
Look for those upgrades. Sellers won’t expect a high ROI on upgrades. Even if they are in stellar condition, they don’t expect 110 percent back on them. Eighty percent is looking good. Sellers know that in a buyer’s market.
Make sure the seller is flexible on the price after the inspection report comes in. It may reveal some unexpected news.
The Value Offered
Give your offer some thought on value. What can you bring that another buyer can’t? It must be inexpensive to give and valuable to receive.
Here’s a hypothetical example: mints at the end of dinner. They are cheap for the restaurant to give but they’re valuable to receive because they cleanse the palate and taste downright delicious. If you’re on a first date, you don’t want to disgust your date with bad breath. Unless you really don’t want a second date. Real estate negotiations are kind of like that. “For the same price, will you throw in new paint in the living room?” “Can you add a flower garden for that asking price?” These are valuable to receive and inexpensive to give. It gives the other party the warm fuzzies.
Did You Do Your Homework?
Still sweating bullets over negotiating your dream home? Well, don’t! Your Realtors are here to help through each part of the transaction. Our expert team will review the contract and answer all of your questions. You can approach the negotiation table with confidence. Homie Realtors help you formulate the perfect response to each counteroffer. They do all the talking including communication with the seller’s agent. After it’s all wrapped up everything is sent to you via DocuSign. It’s that easy, Homie has you covered.
Don’t Accept the First Offer as Is
You may think you are doing yourself a favor, but you aren’t. Don’t come off as desperate! You brought your A-game. The price doesn’t have to change, but you do need to play hard to get. It’s a little like dating in that respect. The seller is expecting you to come back with a counteroffer. If you don’t, they will question their offer.
So, what does that look like? Think about add-ins and bonuses. “For that price will you throw in the washer dryer? Kitchen appliances? Patio furniture?” You get the idea.
It’s About More Than Asking Price
Is the asking price on the higher end? If it’s over your budget don’t throw in the towel just yet. You don’t have to feel like Charlie Brown after a rough baseball game. There are other ways to even out those costs that don’t have to do with the asking price. Take a look at all the fees that come with buying a home. Closing costs and lender fees add up fast. If they keep the asking price the same, can those be covered?
Peace of Mind
You probably aren’t going to buy a home that’s nothing more than a shell. It will come with things like a hot water heater, HVAC, and kitchen appliances. Unless you are a fan of cold showers, fixing the hot water heater won’t be on your list of fun things to do. Ask about adding a warranty plan on major appliances to the package.
It Doesn’t Have to Be Your Dream Home Today
The home you buy doesn’t have to be your dream home right now. It may feel like it should because you’re signing your life away on a mortgage, but it doesn’t have to. When you’re preparing to negotiate on a home, look at it closely. Consider its bones. Can you make it into your dream home five or ten years down the line? Can you make changes without destroying the integrity of the home? Or your bank account? It doesn’t need to be perfect now for it to be a good buy.
Keep Your Cards Close to the Chest
Buying your home is so much fun. The real estate agent is super nice too right? Of course they are — it’s their job! But, here’s the thing. Unless the agent is specifically your agent, then they work for the seller. As the seller’s agent, they must tell the seller anything you share with them. If you are a first-time buyer, you will want to have a buyer’s agent working with you. They work in your best interests.
The easiest way to do your homework is to give Homie a call. We have an easy online search process with several beautiful homes for sale. We take the hassle out of buying your home.
It’s Closing Time!
You’ve done the work and the negotiating. Now it’s time to close! You feel like Steve Prefontaine going over the finish line. Wait, you’re not there yet. Even when you get this far, some closings don’t happen. Why? Because you don’t qualify for the loan.
All that time and effort! You can feel your dreams for the future slipping through your fingers. There are few things more frustrating. It’s avoidable though.
Ok, let’s rewind a bit here. What needs to be done on the front end to avoid this disappointment?
Know your credit. Typically, if your credit score is 680 or lower your loan may be rejected. Run a credit check on yourself before you even start dreaming about that home. If there are some black marks take care of those before you apply for a loan.
Save up! If you want to increase your chances of approval put 20 percent down. If you put 20 percent down, you don’t have to buy Private Mortgage Insurance. This will lower your monthly bill.
Even if your boss is Miranda Priestly don’t job hop yet! Employment status plays a huge role in getting approved for a mortgage. Stick around at work throughout the buying process. You can make an epic exit when it’s all done.
This is a good time to hide those credit cards. Put them in a cup of water and freeze them if that’s what it takes. Don’t take on new debt when you are trying to get approved for a mortgage.
Know your budget. You may be approved for more than you can afford.
Get pre-approved! You don’t want to find out you can’t afford your dream home at closing. Before you begin your search, get pre-approved for a mortgage. That’s where Homie comes in. We make sure you are pre-approved before you start looking at homes. When it’s time to close on your dream home the funds are there. No hang-ups during closing time.
Stay Confident
Negotiations are nothing to be intimidated by. But you need to walk in prepared with more than your expertly tailored suit and ray bans. So, lets recap:
Use affirming language. This isn’t poker. The end goal is for everyone to win. You want the other party to feel at ease. Work with them.
Know the market. Negotiations are different depending on who has the upper hand. Know the market so you can stay in the game.
Have Homie at the negotiation table with you. Our attorneys work with both parties to make sure you get the best deal.
Don’t accept the first offer. But recognize that it’s not all about asking price. There are many other pieces that can be negotiated that don’t touch the asking price. This is where doing your homework comes in.
Use Homie’s experts to help you find your home. It’s easy and professional. Take some stress off yourself.
Make sure you pre-qualify for your mortgage before you close. You don’t want to go through all that to be disappointed. Homie makes sure you pre-qualify before you start your search. We make it easy for you to buy your dream home.
Before you embark on buying your biggest asset, let our experts help. We make the process easy and affordable, so you don’t have to stress. The best place to start is touring your first home with Homie.
Homebuyers with good credit scores will soon be facing higher mortgage fees as the Biden administration seeks to close the racial homeownership gap and get more first-time and low-income buyers through the door.
A new federal rule could raise the monthly mortgage payments of buyers with good credit scores by over $60 a month, while riskier borrowers will get more favorable terms because their fees will be reduced.
Starting in May, the current structure of the Loan-Level Price Adjustment (LLPA) matrix will be upended by the Federal Housing Finance Agency (FHFA) in the hope of addressing housing affordability challenges in the U.S.
But there have been complaints that the rule change is unfair and potentially ineffective.
“In the short term, this may increase homeownership among the targeted group, but I’m afraid it could decrease homeownership among the middle class,” Jerry Howard, CEO of the National Association of Home Builders, told Newsweek. “I’m not sure that we’re not robbing Peter to pay Paul here.”
Only about 25 percent of homebuyers with Federal Housing Administration loans are people of color, according to the White House. Black and Hispanic people, on average, have fewer savings to use as a down payment on a home and tend to have lower credit scores, according to David Stevens, former CEO of the Mortgage Bankers Association (MBA) and a former FHA commissioner during the Obama administration. The current policy is being rolled out by the FHFA.
He told Newsweek that this can be attributed to factors like distrust in the banking system or being a first-generation American. He added that low credit scores can be a significant barrier to homeownership.
But in order for the FHFA to close the gap by bringing down LLPAs for those borrowers, the agency will compensate for the reduction in borrowing fees by raising the LLPAs of borrowers with higher credit scores, who tend to be white.
The average credit score in white communities was 727 in 2021, compared with 667 in Hispanic communities and 627 in Black communities, according to data analyzed by FinMasters, a personal finance blog.
The effort to get more low-income Americans and Americans of color into homeownership is essentially being subsidized by borrowers who have better credit scores and can contribute more to their down payment, Michael Borodinsky, a vice president at Caliber Home Loans, told Newsweek.
Borodinsky said while the plan was designed to help people who have historically faced obstacles to homeownership, it comes at the cost of negatively affecting buyers who worked hard to save enough money for a larger down payment and maintain a strong credit rating, especially since those buyers can “be of all demographics.”
“This new rule unfairly penalizes Americans for having good credit and rewards those who accrue debt and don’t pay their bills with cheaper loans,” GOP Representative Michael Lawler of New York told Newsweek. “The way to expand access to housing isn’t to reward bad credit—it’s to bring down inflation, reduce property taxes, cut energy costs and invest in critical infrastructure.”
Although the new rule, which takes effect May 1, is designed to assist low-income and minority borrowers by encouraging homeownership, industry experts have expressed concern that the plan fails to meet that goal.
Stevens said that while the generational limitations on homeownership among racial groups in the U.S. need to be addressed, FHFA director Sandra Thompson’s actions weren’t enough to lower borrowing costs to the point it will “make a difference.”
“We just went through to this completely convoluted discipline around risk-based pricing in the hopes of accomplishing something that isn’t going to be accomplished,” he said.
However, in a statement shared with Newsweek, the FHFA defended the changes. It called the recalibration of its pricing framework “minimal” and stressed that the agency’s goal of making sure that the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac “fulfill their role in any market condition.”
But former National Economic Council director Larry Kudlow said those GSEs have never “penalized” people who don’t need government programs to help them own homes, calling the Biden administration’s new rule a “middle-class tax hike.”
“We learned the hard way [in 2008] that if you can’t afford a home, just getting a subsidy one time to get a mortgage, you won’t be able to carry it,” Kudlow told Fox News on Thursday.
A spokesperson for the National Association of Realtors (NAR) told Newsweek that a GSE could still incentivize homeowners without punishing others and stressed that such a move is “especially needed” at a time when there is limited affordable housing “in all areas of the market.”
“NAR urges the FHFA to eliminate the fee increase on strong credit borrowers,” the spokesperson said.
Newsweek reached out to the White House for comment via email.
The timing of the upcoming LLPA changes is also “not ideal,” given the spring buying season and low inventory, an MBA spokesperson told Newsweek. But the MBA is more concerned about another mortgage change: the addition of an LLPA for loans with a debt-to-income (DTI) ratio greater than 40 percent, which Borodinsky stressed is often a “moving target.”
The DTI is calculated by taking a person’s monthly debts, including minimum payments on credit cards and loans, and dividing it by that individual’s income. The result is used to assess a person’s ability to make the necessary monthly payments on a loan.
In a March 15 statement, MBA president and CEO Bob Broeksmit warned that because the DTI often fluctuates throughout the mortgage application and underwriting process, the new fees will further vary those estimates, thus “increas[ing] compliance costs and confus[ing] borrowers.”
“[It] makes for a ‘no win situation,'” Borodinsky said. “Especially because the borrower will feel that they were taken advantage of by the lender due to these changed circumstances.”
After the MBA asked the FHFA to remove the DTI adjustment, the agency delayed the DTI ratio-based fee to August 1. But the MBA expressed disappointment that the FHFA is not considering alternatives to the new fees, which “simply are not workable for lenders and borrowers alike.”
Stevens agrees and said: “This would just make things really difficult for the lending community and for potential homebuyers.” He added that he’s “hopeful” Thompson will gut the adjustment before it goes into effect during the summer.
Update, 04/24/2023, 5:10 p.m. ET: This story was updated to clarify which federal agency is behind the mortgage fee policy change.
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I write a lot at Get Rich Slowly about Financial Independence, by which I essentially mean early retirement (or semi-retirement). That is, accumulating enough money that I no longer have to work. To me, escape from work has always seemed like the ultimate goal.
This is probably because my father held out retirement as a sort of Promised Land. He worked hard â if not always effectively â and he always made retirement and the end of work seem like the goal of life. And the sooner one reached retirement, the better.
But whenever I write about early retirement or Financial Independence, I get e-mail and comments from readers who never want to stop working. They love their jobs. Others write to say that we’re not supposed like the work that we do, but we’re supposed to do it anyhow. It builds character, and helps us pay the bills.
The months of spring might have thrown all of our plans to the bin, but we can still be grateful for what we did have: a decent internet connection and access to a Netflix account. With a fresh season of Better Call Saul ready for us to binge on, it only makes sense for die-hard […]
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With a new season out of what’s arguably Netflix’s attempt to appeal to Breaking Bad fans everywhere, Ozark is a welcome distraction — and the perfect thing to binge this week. And while waiting to see what the Byrdes are off to in the new season of the popular show, we thought we’d scoop around […]
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