This Is What $250,000 Will Buy You In the Los Angeles Housing Market

If you moved to a small town in Ohio or Missouri, chances are $250,000 would buy you a pretty nice house. In Los Angeles, however, what it will buy you is a “troll apartment.” A one-bedroom, 450-square-foot “fixer upper” that’s built into the side of a bridge has just hit the market for $250,000 in Alhambra, less than 10 miles from downtown Los Angeles. The house is actually below street level and overlooks a stream. It’s one of the few houses in Los Angeles that's listed for under a half a million dollars. Rampant inflation and Federal Reserve hikes have sent mortgage rates soaring, with the median sale price for a single-family house in California a whopping $785,000. Buyers have been forced to move further out to the suburbs, or opt for tiny properties like the quirky bridge house. Did we forget to mention that the house is in need of some repairs? Outlet upgrades, leak repairs and about $3,000 in mold abatement are just a few of the things that will have to be addressed before the new owner moves in.