Highland Park isn’t gentrifying nearly as much as it seems to be, but Venice certainly is. These and more surprises in PropertyShark’s new map comparing median home price to household income–a higher ratio (darker color on the map) means home prices are more out of whack with what existing residents can actually afford, suggesting that the neighborhood is fancifying quickly (note, though, that these are asking prices, which are not quite as useful as sale prices). You wouldn’t think Los Feliz (ratio: 31), central-west Santa Monica (48), or gated little Bradbury (33) could get radically more expensive, but they’re three of the hottest spots, along with an area in the heart of Downtown (30). Gentrification poster children like Highland Park (8) and Silver Lake (9/16) are surprisingly balanced, but up-and-comer gentrification zones Echo Park (16/20, mostly) and Mid-City (20) are swiftly getting less balanced. Below a list of the zip codes that are most unaffordable right now. Click here for the map and zoom in for zip-code-level data.
Mapping LA’s Most Rapidly-Gentrifying Neighborhoods by Elaine360
Posted by Elaine360 on December 12, 2013 in Articles Worth Reading, California living, Coldwell Bankers, Condo Market Reports, Condo Need to Know, Economic Conditions, Elaine 360 Coldwell Banker, Elaine Golden Gealer, Financing, Great Buys, Greater Los Angeles, Home Prices, Improving efficiency, Listing your home, News You Should Know, real estate