What does a million dollars buy you in LA?

A $1 million budget buys very different homes depending on the Los Angeles neighborhood, reflecting the city’s immense diversity and varied real estate values. Here’s what current listings reveal:

West Hollywood

In West Hollywood, $1 million often secures a compact, older home or a stylish condo. For example, a recently sold 565-square-foot cottage with one bedroom and one bath, featuring a spacious yard and hot tub, went for nearly $1.2 million. Condos in the area, often in full-service buildings with amenities, are also commonplace at this price point.

Sherman Oaks

For $1 million in Sherman Oaks, buyers can typically find a three-bedroom, two-bath single-family home, often with some yard space and updated interiors. While more modern new-builds or luxury homes in this area are priced well above $2 million, $1 million can get a comfortable, move-in ready home on a quiet, tree-lined street.

Studio City

Studio City is another attractive option for $1 million buyers. Listings include three-bedroom, one-and-a-half bath kit homes about 1,400 to 1,500 square feet, often featuring charming historical details and scenic hillside views. Proximity to top entertainment and shopping districts adds to their appeal.

Highland Park & Valley Neighborhoods

In neighborhoods like Highland Park or Northridge, $1 million can purchase a larger or freshly remodeled home, such as a three- to four-bedroom residence with a yard, modern finishes, and space for families. These areas are popular with first-time buyers seeking more square footage and value.

Downtown LA & Other Areas

Downtown LA offers more condo options in high-rise buildings, think spacious two-bedroom, two-bath units with amenities like pools and gyms, often located within walking distance of restaurants, nightlife, and entertainment. In ultra-prime locations like Pacific Palisades or Bel Air, $1 million may only buy a small condo or even a mobile/manufactured home.

Key Takeaway

Overall, $1 million in Los Angeles translates to:

• A compact home or high-end condo in central, trendy neighborhoods like West Hollywood.

• A comfortable, midsize single-family home in Sherman Oaks or Studio City.

• A larger or newly updated property in family-friendly areas like Highland Park or Northridge.

• Only entry-level condominiums or special situations (e.g., mobile homes) in the city’s most exclusive neighborhoods.

Location, property size, and type are the main factors that determine how far a $1 million budget will stretch in LA.