Los Angeles is the home of million-dollar homes, billion-dollar blockbusters, celebrities, sports franchises, and, of course, a wide range of restaurants to satisfy your growling stomach. Most will undoubtedly cause mayhem on your wallet, but every once in a while, you'll find a restaurant that has very fair prices for delicious food.

Started in 1927 as a traditional Mexican restaurant, El Cholo is the location you're looking for if you want good food that won't set you back a house payment. This family-style restaurant has been one of the most popular in the area for 80 years. Due to its LA popularity, El Cholo locations have opened up all over the country - but the original is always the best.

This causal restaurant is perfect for anytime, day or night, and is a great location for a dinner date, formal party, or just a family get-together with the kids in tow. The ambiance is a taste of Mexico and hasn't changed much at all in nearly a century. Of course, any resident of Los Angeles will be quick to tell you that a Mexican “theme” is not needed.

There are nearly as many Mexicans in LA than in Mexico City, Mexico, but it wasn't always like that. In the early 20th century, immigrants were just starting to flood the area from south of the border. Like the English, Irish, Italians and Germans before them, the Mexicans looked to put their culture stamp on the swelling city.

El Cholo looks like a beautiful villa inside, boasting a fireplace, large booths and small tables, plus a bar to serve up their world famous margaritas. The outside of the building is traditional Mexican clay that appears pink, and the back of the restaurant boasts outdoor seating on the patio.

While El Cholo's ambience and cuisine may not earn them a spot on the best restaurants in the world list, they do have a faithful returning niche that includes famous celebrities like Robert Redford, Jack Nicholson, and Warren Beatty.

Don't expect El Cholo to knock you out with the newest take on Mexican food this side of the border. In fact, there's nothing new about their food at all. Every single dish on the menu is either classical Mexican or Tex-Mex - a fusion of American and Mexican dishes.

This fusion shows up in a dish like nachos. While most may not be aware, it was actually El Cholo that invented nachos. Before that, the idea of covering tortilla chips with cheese and other toppings was unheard of. By pure dumb luck, the chef at the time discovered a simple yet brilliant dish that has stood the test of time.

El Cholo's can still be very packed at times. Although you don't need to make a reservation, it is advised you do so, especially if eating there on the weekends. The prices are probably the most appealing aspect of the restaurant today. A person can easily walk in with 20 bucks and walk out full. You can't say this for many other restaurants, especially in LA.