Downtown L.A. Is One of "America's Top Boom Towns"
Downtown is happening. You know that.
But it's nice to get some outside validation sometimes.
Real estate website Realtor.com this week revealed its list of "America's Top Boom Towns."
The site indicates that it looked at "projected" job growth, construction and household income in 100 U.S. markets to come up with its Top Boom Towns list.
"Every market on the list has experienced between one and five times the average job growth of the top 100 counties in the country," Realtor.com states. "Household growth in each of these areas is between one and seven times the average growth of the top 100 areas. New home starts are between one and six times the average growth in the top 100 counties. Most importantly, each individual ZIP code is projected to see a growth in households of between 9 and 19 percent over the next five years."
The downtown Los Angeles area — specifically ZIP code 90012 — ranked second in the nation. The ZIP includes Civic Center, most of Bunker Hill, Little Tokyo, Elysian Park and Chinatown.
Economic growth of 8.8 percent was projected. That's about six times the rate of the rest of the top American markets, the site said.
Realtor.com indicates the area will benefit from the county's projected 22,000 "housing starts" and 65,000 new jobs this year.
"In recent years, the area has seen a surge in interest among higher-income residents, driven by vibrant cultural offerings — such as the Walt Disney Concert Hall and Dorothy Chandler Pavilion — restaurants and nightlife, as well as new residential development," the site said in a statement.
Downtown was beaten by No. 1 Gilbert, Arizona. The No. 3 boom town was Dallas, followed by Miami and Las Vegas; the latter appears to be making a comeback after being decimated by the home repo crisis.
"These neighborhoods are striking it rich when it comes to new home construction, job creation and an increasing number of households," Realtor.com states.
Of course, given the cost of housing in Los Angeles, you'll have to be rich to live downtown in the first place.
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