I’m 35 And Want to Buy a House in LA: What Do I Do?

Buying a house in LA

Here’s an interesting fact: in 1980, about two-thirds of Californians who were ages 35 to 45 owned a home. By 2021, only about 40% of Californians in this age group were homeowners. The average age that people become homeowners in California is 49, the highest of any stage. However, if you lived in Arizona, you’d have a 50% chance of being a homeowner by age 35. 

If you’re 35 and want to own your own home in Los Angeles, you need to be creative in order to escape becoming a negative statistic. Fortunately, there are a number of steps you can take to become a homeowner at 35.

First Steps: Build Your Credit

Your credit score will impact the types of loans and interest rates that you can get. Older adults tend to have higher credit scores than younger people, but there is no hard and fast rule that says you can’t build your credit score at age 35. You will want to achieve a credit score of 700 or better before you enter the mortgage loan process. 

Is this fair? Of course not. But it’s the reality; however, an experienced mortgage loan broker can offer you a choice of loan program which can fit your budget, goals and needs.

Second Steps: Establish a Budget

RentCafe reported that the average apartment rent in Los Angeles was $2,742 as of August 2023. At about 7.1% interest, a 30-year fixed rate mortgage for $350,000 would have a monthly payment of about $2,359. 

There aren’t millions of homes in Los Angeles County selling for under $350,000, but there are a number of smaller homes, townhomes, and condos available for modest purchase prices. You may also be able to find them in up and coming, desirable neighborhoods. 

Third Steps: Get Pre-approved

You have probably heard about houses selling for more than  their list price, and also about people buying homes with cash-only offers. You can avoid disappointments when you’re ready to make an offer to buy a home by getting pre-approved for a mortgage.

Next Steps: Work with a knowledgeable real estate professional

It seems easy to look at houses online. Nearly every home search website has a mortgage calculator built-in, and it will also show you pricing history for the home you could be interested in. However, there are many aspects of buying a home which aren’t usually covered by online advice sites and mortgage companies. 

You’ll get the best deal and find the home that’s right for you by working with a human expert. Fortunately, California Platinum Realty and California Platinum Loans have you covered. 


RentCafe. “Los Angeles CA Rental Market Trends.” url: https://www.rentcafe.com/average-rent-market-trends/us/ca/los-angeles/

Wagner, David. “Homeownership Rates Are Plummeting For Younger Californians (And No, It’s Not About Delayed Marriage),” LAist, 8 May 2023, url: https://laist.com/news/housing-homelessness/housing-homeownership-home-buying-rates-young-california-terner-center-berkeley-study

Yale, Aly J. “Your Credit Score Affects Your Mortgage Rate—Here’s How to Improve It.” Wall Street Journal BuySide, 22 February 2023, url: https://www.wsj.com/buyside/personal-finance/mortgage-rates-by-credit-score-287bb3d8