Report: Downtown LA Is A 'Boomtown'
Downtown LA is the nation’s second-largest “boomtown” when it comes to household growth, according to a new Realtor.com report.
LA's 90012 ZIP code, which includes the LA Financial District, Little Tokyo, Boyle Heights and part of the neighborhood near the Walt Disney Concert Hall, is expected to see more growth in the number of households of any city nationwide over the next five years after the No. 1 city, Gilbert, AZ, according to The Real Deal.
About 22,000 new housing units are scheduled to begin construction in that ZIP code this year, and 65,000 new jobs will be created, according to the report.
As a result, that part of downtown LA is growing six times faster than the average rate for ZIP codes in the top 100 counties in the US.
The report was based on forecast job creation, the formation of households and new construction projects this year.
Households in the 90012 ZIP code are expected to grow by 8.8% over the next five years.
The growth is occurring due to local residents with higher incomes moving downtown because of restaurants, clubs and other amenities, according to the report. [TRD]