Known as the entertainment capital of the world, Los Angeles is a global hub for arts, culture, and business. With its strong economy and a wide range of industries, including entertainment, technology, finance, and healthcare, the city offers ample employment opportunities for residents and tenants. Los Angeles is also home to world-renowned universities, such as UCLA and USC, attracting a large student population and creating a strong demand for rental properties. With its unique blend of opportunities, attractions, and desirable coastal lifestyle, Los Angeles is an enticing choice for multi-family home investors seeking a vibrant and diverse market. Learn more about Los Angeles below!
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Demographics
Los Angeles is a sprawling metropolis with a diverse and dynamic population, making it an attractive location for multi-family home investors. The city's demographics encompass a wide range of cultures, age groups, and income levels, presenting numerous opportunities for property owners to cater to the varied needs of potential tenants.
The population of Los Angeles, California was 3,898,767 as of 2020.
According to the U.S. Census Bureau, some recent statistics for Los Angeles include:
- 66.8% of the population is aged 18-64 years
- 20.3% of the population is under 18 years
- The median household income between 2017-2021 was $69,778
Housing Statistics
Some recent housing data from the U.S. Census Bureau indicates that:
- There were 1,384,851 households with 2.75 persons per household in 2017-2021
- The owner-occupied housing unit rate in 2017-2021 was 36.9%
- The median gross rent for 2017-2021 was $1,641
Top Employers
Los Angeles's largest employers represent various industries that contribute significantly to the city's growth and development. Among them, the entertainment industry provides thousands of jobs in film, television, and media production. In addition to entertainment, the healthcare sector plays a crucial role in the city's employment landscape. Furthermore, the aerospace and technology sectors have a significant presence in the area. Education is another major source of employment, with institutions like the University of California, Los Angeles (UCLA), and the University of Southern California (USC) offering numerous opportunities for academics and support staff.
Transportation
Los Angeles is a sprawling city with a comprehensive transportation network designed to facilitate mobility and connectivity for residents and tenants. The Metropolitan Transportation Authority (MTA) operates an extensive bus system that covers a vast area, providing convenient public transportation options for commuters. Additionally, the Metro Rail system consists of multiple subway and light rail lines that connect various neighborhoods, downtown Los Angeles, and surrounding areas.
For those who prefer to drive, Los Angeles has an extensive network of highways and major roadways, including the iconic I-405 and I-10, which enable easy access to different parts of the city and neighboring regions. Moreover, Los Angeles International Airport (LAX) serves as a major transportation hub, offering domestic and international flights.
Shopping and Dining
From luxury shopping destinations to trendy boutiques, there is something for every shopper in this bustling metropolis. Los Angeles is also home to several large shopping centers, including Westfield Century City and FIGat7th, offering a wide selection of retail outlets, department stores, and entertainment options.
In terms of dining, Los Angeles is a food lover's paradise. The city boasts an incredibly diverse culinary scene, with a multitude of restaurants offering cuisine from around the world. From upscale Michelin-starred establishments to hole-in-the-wall ethnic eateries, Los Angeles has it all. Los Angeles is also home to a thriving food truck culture, providing a variety of gourmet street food options throughout the city.
Things to Do
From iconic landmarks to cultural institutions, there is no shortage of things to explore and experience in Los Angeles. For those interested in the arts, Los Angeles is home to world-class museums which showcase an impressive collection of fine art from various periods and cultures. The city is also known for its vibrant music scene hosting a variety of concerts and performances throughout the year. Sports enthusiasts can also catch professional games at the Staples Center and Dodger Stadium. Los Angeles is also famous for its stunning beaches, offering opportunities for sunbathing, surfing, and coastal activities.
Major Attractions in Los Angeles:
- Universal Studios Hollywood
- The Hollywood Walk of Fame
- Walt Disney Concert Hall
- Los Angeles County Museum of Art
- The Broad
- Venice Beach
- Staples Center
- Dodger Stadium
- Los Angeles Zoo
- Griffith Observatory & Park
- The Getty
Invest in Multi-Family Real Estate in Los Angeles with the Bridge Multifamily Team at Cushman & Wakefield
Thinking of purchasing multi-family units and investment properties in Los Angeles, California? Connect with the Bridge Multifamily Team at Cushman & Wakefield to get started on your multi-family property search today. Reach out to us online or give our office a call at 949-372-4888!
