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.