10 Cheapest Places to Live in Los Angeles

By PropertyClub Team
May 9th 2024
Universally loved for its beautiful beaches, gorgeous weather, and glamorous entertainment industry, Los Angeles is a top choice among California residents. But, it can be difficult to find affordable living in this popular city. This list of the ten cheapest places to live in Los Angeles will guide you to the most affordable neighborhoods in LA.

If you would like to move to LA on a budget, we advise you to learn about laws that govern rental agreements. This will help you understand when and how much a landlord can raise rent in California, ensuring your relocation plans align with your budget.

hash-mark10 Cheapest Places to Live in Los Angeles

  1. Central Alameda
  2. South Park
  3. Pico-Union
  4. Pico Rivera
  5. Boyle Heights
  6. Lincoln Heights
  7. Lakeview Terrace
  8. North Valley
  9. Chinatown
  10. Van Nuys

hash-mark1. Central Alameda

The cheapest place to live in Los Angeles is Central Alameda. Located 4 miles southeast of downtown LA, this neighborhood is known for its rich history, cultural landmarks, and quick access to urban amenities. The area is bordered by several major freeways, making it convenient to most parts of the city and an ideal location for Los Angeles commuters.

Notable landmarks in this area include the Natural History Museum of Los Angeles County, the California Science Center, Exposition Park, and the iconic Union Station, a major hub of the city’s train, bus, and subway transportation. With an average home price of $500k, Central Alameda is the most affordable neighborhood in Los Angeles. 

hash-mark2. South Park 

The second cheapest place to live in Los Angeles is South Park. Located about 5 miles south of the city center, South Park was historically an industrial area with strong roots in factory, warehouse, and rail yard work. Today, the neighborhood has undergone serious redevelopment and is known as one of the fastest-growing areas in the city.

South Park is home to a diverse assortment of residential, commercial, and cultural areas, which include high-rise apartment buildings, restaurants, bars, shops, and entertainment venues. The Los Angeles Convention Center, STAPLES Center, and the new Shaquille’s southern cooking restaurant are all particular favorites in this area. Home values in South Park average at $640k, making this the second-cheapest neighborhood in Los Angeles

hash-mark3. Pico-Union 

Pico Union is also one of the cheapest places to live in Los Angeles. Located in the city’s central region, this neighborhood sits about 3 miles from downtown and is home to just under 38,000 people. The area’s name was taken from the intersection of Pico Boulevard and Union Avenue, which are considered the beating heart of the community.

In Pico-Union, residents and visitors will find a diverse resident base, vibrant local culture, and stunning historic architecture, the latter of which includes Victorian-era homes and mid-century apartments. Home values in Pico-Union average at $651k, keeping it an affordable part of the Los Angeles cityscape. 

hash-mark4. Pico Rivera

Pico Rivera is another one of the cheapest places to live near Los Angeles. Located about 12 miles from the city center, this small city in Los Angeles County covers a little under 9 square miles and is home to roughly 61,000 people. Residents here prefer the area for its rich history, a bustling economy, and active local community. In addition to these amenities, the area also possesses a thriving cultural district, which involves several festivals and events, such as the Dia de los Muertos Festival and the Pico Rivera Christmas Tree Lighting Ceremony.

With low home prices and below-average crime rates, Pico Rivera is a family-friendly option for Los Angeles home buyers. 

hash-mark5. Boyle Heights 

A historic area on the city’s eastside, Boyle Heights is another cheap Los Angeles neighborhood. Located roughly 4 miles east of the city center, this neighborhood is best known as an epicenter for both culture and community activism. Home to a diverse population, the area takes influence from strong Jewish, Japanese, and Mexican-American roots, which can be experienced through ample historic landmarks and cultural institutions.

Residents of Boyle Heights also have a long history of fighting for social justice and civil rights, making it a staple in political progression for issues like fair housing. With home values averaging $667k, this neighborhood is an ideal living situation for those interested in an affordable area with a diverse, progressive community. 

hash-mark6. Lincoln Heights

Lincoln Heights is also one of the most affordable neighborhoods in Los Angeles. Known as the bedroom of the Pueblo, Lincoln Heights is a historic neighborhood east of downtown LA. The area is home to large Asian and Hispanic communities. It’s one of the oldest neighborhoods in Los Angeles and has a population of about 25,000 residents. It’s easy access to downtown and affordable home prices makes Lincoln Heights a popular destination for those on a budget. The average home price in Lincoln Heights is $720,000. 

hash-mark7. Lakeview Terrace 

Lakeview Terrace is a cheap Los Angeles neighborhood for those who prefer to live away from the bustle of city life. Located about 23 miles from downtown, this area is considered a suburb of Los Angeles and is particularly known for its natural beauty. It is equipped with stunning views of the local surroundings, which include hills, mountains, and several public parks. Other unique attractions include the Discovery Cube Los Angeles and Angeles National Golf Club. Homes for sale in Lakeview Terrace average $731k, keeping it an affordable Los Angeles suburb. 

hash-mark8. North Valley 

North Valley is a residential area located about 13 miles from downtown Los Angeles. It encompasses several neighborhoods, which include Northridge, Granada Hills, and Porter ranch, and is considered one of the city’s cheapest places to live. Residents here will find no shortage of housing options in North Valley.

The real estate market is known for expansive residences, large lots, and proximity to local amenities. The area is also home to several colleges and universities, such as California State University Northridge and Los Angeles Mission College, which add an academic atmosphere to its streets. With home values averaging $765k, North Valley is one of the cheapest places to live in Los Angeles.

hash-mark9. Chinatown 

Located only 1.3 miles from downtown is Chinatown, the cheapest area for those who want to live at the heart of everything Los Angeles has to offer. Situated just northwest of the city center, this neighborhood is best known as a cultural enclave that is home to generations of Asian communities. The streets of this bustling area are lined with traditional Chinese architecture, colorful street art, and a diverse range of restaurants, shops, and significant cultural landmarks.

Additional perks of this area include its annual Chinese New Year Celebration, which features dragon and lion dances, live music, and fireworks. Home values in Chinatown average $778k, making it a culturally abundant addition to the list of the cheapest places to live in Los Angeles. 

hash-mark10. Van Nuys 

Van Nuys is also one of the more affordable places to live in Los Angeles. One of the most popular neighborhoods in the San Fernando Valley region of LA, Van Nuys is located about 20 miles or a 30-minute drive from downtown LA. It’s a popular destination for families and young people with its affordable home prices and easy access to the rest of the city. The median home price in Van Nuys is $837,446, and the average rent is $2,083 per month.