From increasing housing prices to expected employment growth over the next five years, Los Angeles County has a lot to offer to anyone who is interested in calling Southern California home.
Home Prices on the Rise in Los Angeles County
According to recent data, home prices in Los Angeles increased by 7.3 percent in April when compared to a year ago, which is consistent with a nationwide trend of increases caused by slim inventories and low mortgage rates. In fact, the national rate increase was 6.2 percent when comparing year-over-year data. Furthermore, the national rate increased by 1.8 percent when comparing April to March. Los Angeles also saw a significant monthly increase of 1 percent when comparing March to April. Increases were also seen across the state at a rate of 6.6 percent when comparing year-over-year data.
While most states have experienced an appreciation in home prices over the past year, rate recovery varies significantly based on local conditions. States in the Northeast and Mid-Atlantic regions are lagging when compared to the national average. Connecticut, Maryland, New Jersey, Pennsylvania, Vermont and West Virginia all registered a 1 percent or less gain over the past year. Looking ahead, national prices are expected to continue to grow by 5.3 percent in April 2017 and by 0.9 percent from May 2016 to April 2016.
LA County Expected to Experience Employment Growth
According to a report from the Los Angeles County Economic Development Corp, Los Angeles County is expected to add 346,100 new jobs over the next five years. This represents an employment growth of 1.5 percent a year. Unfortunately, the same report has found that the jobs are likely to be low-paying.
When looking specifically at the city of Los Angeles, the same report found that the city will be adding 122,700 new jobs over the next five years. The study further predicts that the jobs will be in a variety of industry sectors, with the most competitive industries being in motion picture and sound recording, broadcasting, apparel manufacturing, air transportation and the performing arts and spectator sports industries. Those sectors expected to experience the greatest growth rates include professional and business services, construction, leisure and hospitality and education and health care services. Those sectors that are expected to create the most overall jobs are food services, administrative and support services, social assistance and professional and technical services. The office and administrative occupations sector is expected to see an increase of 115,770 jobs in L.A. County, while the food preparation and serving occupations is expected to see an increase of 114,680 jobs.
Several middle-skilled occupations, which are those that require more than a high school diploma but less than a bachelor’s degree, are also expected to experience some growth. Among these are registered nurses, heavy and tractor-trailer truck drivers, teaching assistants, nursing assistants, medical assistants and licensed practical/licensed vocational nurses.
Things are certainly moving in the right direction for Los Angeles County’s economy. To learn more about the Southern California housing market and economy, contact our team of luxury real estate experts. We specialize in high-end real estate in the area’s most exclusive communities.
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$2,895,000 : 11338 CHENAULT Street, Los Angeles5 beds, 6 baths
$3,195,000 : 6235 DREXEL Avenue, Los Angeles4 beds, 6 baths
$3,199,000 : 1549 N DOHENY Drive, Los Angeles5 beds, 6 baths
$2,950,000 : 10124 HOLLOW GLEN Circle, Los Angeles4 beds, 6 baths
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(all data current as of 9/23/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.