Let's talk about real estate in Long Beach. I've been watching home prices in this area for over 10 years, and sometimes when I look back at past listings, I think, "I should have bought one back then..." Of course, I thought they were expensive at the time, but looking at today's prices, those were actually quite affordable.

It seems that real estate often leaves us with regrets only after the fact.

As of now, the median home price in Long Beach is roughly between $700,000 and $760,000. Just before the pandemic in 2020, it was around $580,000, which means it has increased by nearly 20-30% in just four years. While this trend is similar to the overall Los Angeles County, Long Beach continues to see steady demand thanks to its premium as a coastal city.

However, you can't just look at the average price in Long Beach. There are significant price differences between neighborhoods. The most expensive area is definitely Naples Island. Waterfront homes along the canals often exceed $1.5 million, and even regular homes typically start at over $1.2 million. This area is considered one of the affluent neighborhoods in Long Beach.

Belmont Shore is also a popular area. Its proximity to the beach and 2nd Street shopping district makes it a walkable neighborhood with high resident satisfaction. Home prices generally range from $900,000 to $1.1 million.

If you're looking for more realistic price ranges, Bixby Knolls and Los Altos are frequently mentioned. Both areas often trade around $700,000 to $850,000, and their stable school districts and living environments attract a lot of interest from the Korean community.

On the other hand, Central Long Beach has prices ranging from $550,000 to $680,000, and North Long Beach is around $500,000 to $620,000, making them relatively more accessible. However, it's important not to focus solely on price; safety and the surrounding environment should also be considered.

Many first-time homebuyers opt for condos. In Long Beach, you can find condos or townhomes for around $450,000 to $650,000. While they are less burdensome than single-family homes, most have HOA fees that add an extra $300 to $600 per month. Many people are surprised when they forget to factor in these costs.

For example, let's assume you're buying a $700,000 home. With a 20% down payment, you'd need $140,000, and closing costs would be around $14,000 to $21,000. If the 30-year fixed mortgage rate is about 7%, your principal and interest would be around $3,700 per month. Additionally, property taxes would be about $600 per month, homeowners insurance around $150, and if there's an HOA, those fees would need to be added as well. Ultimately, monthly housing costs can easily exceed $4,500 to $5,000.

Therefore, in the U.S., it's crucial to calculate the monthly housing cost rather than just looking at the home price. Many people think, "$700,000 sounds reasonable," only to be shocked by the actual monthly payment.

Despite this, the reasons for the steady popularity of Long Beach real estate are clear. The coastal lifestyle, convenient access to both LA and Orange County, a stable economic base with a large port, and well-established living infrastructure like universities and hospitals all contribute to its appeal.

In my opinion, if you're buying for personal use, there's no need to be overly swayed by market fluctuations. Choosing a neighborhood where your family can live comfortably is the most important factor, and in the long run, homes in good locations tend to retain their value. While timing is important in real estate, creating conditions for long-term ownership is even more crucial, as the past 10 years of Long Beach home prices have shown us.