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Los Angeles Introduction
The City of Los Angeles (L.A.), California, is the second largest city in the United States and part of the second largest metropolitan area in the United States. It is located in Los Angeles County, in Southern California. 2005 US Census Bureau estimates put the population of L.A. at approximately 3.7 million, which is up a little under 100,000 people from the 2000 census.
Los Angeles Neighborhoods
LA is a huge and sprawling city made up of many areas, including:
Los Angeles Real Estate
There are 1.3 million housing units in Los Angeles according to 2005 US Census estimates. Of these, 95.3%, or slightly less than 1.3 million units, were occupied. Of the occupied housing in L.A., 38.6%% were owner occupied, well below the average for the United States (66.9%). Of L.A.'s vacant housing, a very small amount (less than 10% of vacant housing) is for seasonal or recreational use.
80.5% of Los Angeles owner occupied housing was built prior to 1980, and 19.3% was built before 1939. Of the remainder, most (16.7%) was built prior to 2000. Only 2.8% of L.A. owner occupied homes have been built since 2000. Slightly under a third of L.A. owner occupied homes are two to three rooms in size. Slightly over a third are four to five rooms in size. Well over half (55.1%) have two to three bedrooms. 27.9% of L.A. homes are over six rooms in size, and 11.2% have four or more bedrooms.
The majority (70.9%) of L.A.'s owner occupied homes are heated by utility gas. Most of the remainder are heated by electricity (23.1%). Nearly a fifth (4.7%) are unheated.
In 2005, the median value of a home in Los Angeles was $512,799 (source: 2005 US Census estimates). This was over three times the average for the United States of $167,500. 2005 housing prices were more than twice what they were in 2000 when the median price of a Los Angeles home was $221,600. By the third quarter of 2006, the median price of a home in the Los Angeles-Long Beach-Santa Ana area was $582,000 (according to the National Association of Realtors). For that same time period, the median price of a condominium was $384,500. Both prices are substantially above the average for the US for that time period.
As of 2005, nearly three quarters of L.A.'s homeowners had monthly housing costs in excess of $1,500. The median monthly housing cost for an L.A. home was $ 2,016. 78.1% of L.A.'s owner occupied homes had a mortgage. 29.1% of L.A. homes also had a second mortgage, home equity line, or both.
Los Angeles Property Taxes
The median property tax bill in Los Angeles in 2005 was $2,745. L.A.'s property taxes are handled by the Los Angeles County Assessor's Office. Property Taxes are collected by the Los Angeles Treasurer/Tax Collector.
Los Angeles Schools
Los Angeles is primarily served by the Los Angeles Unified School District, which is the largest school district in California and the second largest in the country. The Los Angeles Unified School District serves more than 700,000 students. Some small parts of L.A. are served by the Las Virgenes Unified School District. In the last three years (2004-2006), 50 of the Los Angeles Unified School District schools have received "Distinguished School Awards" through the California School Recognition Program.
There are nearly 200 college and university campuses in the L.A. County area, including the well known California Institute of Technology (Caltech), University of California Los Angeles (UCLA), and the University of Southern California (USC).
Los Angeles Economy
Major industries in and around Los Angeles include: aerospace, agriculture, business and professional services, entertainment (television, motion pictures, recorded music etc.), international trade, petroleum, technology, and tourism. Boeing and Kaiser Permanente are two of the largest commercial employers in Los Angeles. There are also six Fortune 500 company headquarters located in L.A., and many more in surrounding Los Angeles County.
As of 2005, the median family income in Los Angeles was $47,434, which was below the national average of $55,832.
Los Angeles/California Mortgage and Real Estate Organizations
=| Category | Value |
|---|---|
| Homes With No Mortgage | 23% |
| With A Mortgage | 77% |
| First Mortgage Only | 59% |
| Second Mortgage or Home Equity Loan | 18% |
| Second Mortgage Only | 11% |
| Home Equity Loan Only | 7% |
| Category | Value |
|---|---|
| Owner Costs as % of Income | 23.9% |
| Median Real Estate Taxes (2000) | $1,585 |
| Category | Value |
|---|---|
| Total Occupied | 1,275,358 |
| 1-Person Households | 28% |
| 2-Person Households | 27% |
| 3-Person Households | 15% |
| 4-Person Households | 13% |
| 5-Person Households | 8% |
| 6-Person Households | 4% |
| 7+-Person Households | 4% |
| Category | Value |
|---|---|
| Median Year Built | 1960 |
| Median Year Built (Owner Occupied) | 1956 |
| Median Year Built (Renter Occupied) | 1964 |
| Category | Value |
|---|---|
| Using Utility Co. Gas Heat | 85% |
| Using Bottled/Tank Gas Heat | 1% |
| Using Electric Heat | 12% |
| Using Oil Heat | 0% |
| Using Coal | 0% |
| Using Wood Heating | 0% |
| Using Solar Heat | 0% |
| Other Heating | 0% |
| No Heating | 2% |
| Category | Value |
|---|---|
| No Bedrooms | 3% |
| 1 Bedroom | 10% |
| 2 Bedrooms | 29% |
| 3 Bedrooms | 38% |
| 4 Bedrooms | 16% |
| 5+ Bedrooms | 5% |
Rate quotes from multiple lenders for the Los Angeles area:
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 | Los Angeles Careers Los Angeles career and employment information. |
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