Quick facts: Paramount, CA

Quick Facts

127.6
Cost of Living
above US average
51,653
Population
30.96
Crime Rate per 1000
above US average
$67,197
Median Income
below US average
$575,000
Median House Price
above US average
$2450.87
Average Rent
above US average
15%
Poverty Rate
above US average
6.4%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $67,197.

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Income Needed to Buy

βœ— Stretch
$180k/year
Based on $575,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $180k vs median $67,197
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Income Needed to Rent

⚠ Stretch
$105k/year
Based on $2450.87/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $105k vs median $67,197
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Paramount, CA

Paramount is a vibrant city located in Los Angeles County, California. Nestled between the larger urban centers of Downey and Bellflower, Paramount covers an area of approximately 4.8 square miles and has a diverse population of around 55,000 residents. The city's proximity to major freeways, such as the I-710 and I-105, makes it easily accessible, contributing to its residential and commercial growth. Historically, Paramount was primarily an agricultural area before developing into an industrial hub in the 20th century. Today, it boasts a rich tapestry of cultures, reflected in its various restaurants, shops, and community events. Paramount Park and other small green spaces provide recreational opportunities for families and individuals. The city is also known for its strong sense of community and public safety initiatives. Educational institutions, such as Paramount Unified School District, play a crucial role in serving the community's youth. Overall, Paramount offers a unique blend of urban convenience and community spirit, making it a desirable place to live and work in Southern California.

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