Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.
I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.
And while every neighbhorhood in Los Angeles might be more expensive than living in rural California, there are certain neighborhoods that are definitely cheaper.
So what exactly are those Los Angeles neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in Los Angeles are the cheapest.
What’s the cheapest neighborhood to live in Los Angeles for 2020? According to the most recent census data, Lakeview Terrace looks to be the cheaptest Los Angeles neighborhood to live in.
At this point we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in Los Angeles. You could be sacrificing location or crime rates in return for more space and cheaper groceries.
Read on to see how we determined the places around Los Angeles that deserve a little bragging rights or maybe you’re interested in the worst neighborhoods in Los Angeles.
Once you’re done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
For more California reading, check out:
- Best Places To Live In California
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How We Determined The Cheapest Los Angeles Hoods In 2020
In order to rank the cheapest places to live in Los Angeles, we had to determine what criteria defines “cheap”.
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 83 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the “Cheapest City Neighborhood In Los Angeles.” We’re lookin’ at you, Lakeview Terrace.
Read on below to learn more about what it’s like to live in the cheapest places Los Angeles. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
The 10 Cheapest Neighborhoods To Live In Los Angeles For 2020
The median income in Lakeview Terrace comes in at $63,338 and the median home value is $310,747 for 2020.
The median income in Crenshaw comes in at $53,326 and the median home value is $326,642 for 2020.
The median income in Mission Hills comes in at $76,104 and the median home value is $360,914 for 2020.
The median income in Sunland comes in at $67,316 and the median home value is $399,675 for 2020.
The median income in Arleta comes in at $60,040 and the median home value is $321,512 for 2020.
The Los Angeles Fashion District is a design, warehouse, and distribution nexus of the clothing, accessories and fabric industry in Downtown Los Angeles. The Fashion District spans 90 blocks and is the hub of the apparel industry on the West Coast of the United States.
Thousands of fast-fashion wholesale vendors line the streets of the Los Angeles Fashion District. Fast-fashion vendors stock the most recent fashion trends straight from the catwalk.
The median income in Fashion District comes in at $39,866 and the median home value is $89,350 for 2020.
The median income in Panorama City comes in at $66,293 and the median home value is $360,041 for 2020.
Wilmington is a neighborhood in the Los Angeles Harbor Region area of Los Angeles, California, covering 9.14 square miles.
Featuring a heavy concentration of industry and the third-largest oil field in the United States, it is considered sparsely populated in comparison with the city as a whole and within the city it is distinguished by its youthful population and high percentage of Latino and foreign-born residents.
It is the site of Los Angeles Harbor College, Banning High School and ten other primary and secondary schools. Wilmington has six parks, including one on the waterfront.
The median income in Wilmington comes in at $49,496 and the median home value is $326,871 for 2020.
The median income in West Hills comes in at $109,439 and the median home value is $619,850 for 2020.
The median income in Granada Hills comes in at $89,035 and the median home value is $504,116 for 2020.
Summing Up The Cheapest Places In Los Angeles
If you’re measuring the neighborhoods in Los Angeles where prices are low and it’s cheap to live, this is an accurate list.
As we mentioned earlier, the neighborhoods in Los Angeles aren’t all cheap. Sawtelle takes the title of the most expensive neighborhood to live in Los Angeles.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more California reading, check out:
- Cheapest Places To Live In California
- Best Places To Raise A Family In California
- Best Places To Retire In California
- Richest Cities In California
- Safest Places In California
- Worst Places To Live In California