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Not necessarily. 30.2% of New York City residents are homeowners. 38.6% of Los Angeles residents are homeowners. Both cities are too expensive for the wages of the average resident to own a home in this market. In both cities, many homeowners likely bought much earlier than the last eight years.
The source only considers metropolitan areas, but in the 2007 real estate market, only 3% of LA Metro area residents could afford to own the median home price and only 6% of NYC Metro residents could afford to own the median priced home. This is a statistic neither city should be proud of. These are extremely low numbers!!! 97% of LA area residents could not afford to buy the median home in 2007 and 94% of NYC area residents couldn't. I think it is safe to say that both cities are very unaffordable.
Who cares if LA will ever pass NY? I wouldnt want it to have that many people anyways.
I hope people keep moving to the outer areas of LA such as Riverside, Rancho Cucamonga, Ontario, Corona, even all the way up to Victorville, and maybe make mass transit available into LA.
My parents bought this house in West L.A. for under 300k in 1994. About three years ago it was appraised at 1.2 million. It currently is worth around 1 million since I'm less than a 5 minute walk from the beach.
My aunt bought a condo a few blocks away in 1997 for less than 150k and it's worth I believe between 400k and 500k.
My friend's parents bought a house in El Segundo, CA in the South Bay for less than 500k in 1996 and it's worth 1.5 million now.
thePR did site a valid source ranking NYC number one in impact.
im from chicago and i think that if people keep talking about texas the way they do then the big investment would be buy a home now while it is still cheap and make your profit when it is urbanized in houston and so on.
L.A won't pass NYC in population. It just won't happen. L.A is basically an overgrown suburb. You don't feel like your in the second biggest city in this country when you're there. It just doesn't have the big city feel that you get in Chicago or New York.
Also, L.A does NOT have room for growth...its already sprawled enough as it is and its blocked my mountains on one side, and an ocean on the other. Realistically, cities in the Midwest (Chicago and Minneapolis) have the most room for growth considering there are no major geographical barriers.
L.A won't be bigger than NYC. As I have said before, I think its population will cap off. New York Cities population will only grow due to immigration.
L.A won't pass NYC in population. It just won't happen. L.A is basically an overgrown suburb. You don't feel like your in the second biggest city in this country when you're there. It just doesn't have the big city feel that you get in Chicago or New York.
Also, L.A does NOT have room for growth...its already sprawled enough as it is and its blocked my mountains on one side, and an ocean on the other. Realistically, cities in the Midwest (Chicago and Minneapolis) have the most room for growth considering there are no major geographical barriers.
L.A won't be bigger than NYC. As I have said before, I think its population will cap off. New York Cities population will only grow due to immigration.
LMAO. Obviously you havent been in LA before, or share the common biases against it.
Anyone who knows LA knows that LA has a world of its own feel. Everytime I go to LA I feel like Im dead smack in the middle of the world. Mainly due to the volumes of people and its big size, which you cant cover in a day on the freeway. Its great that you wouldnt feel like your in the second biggest metro in the US, but dont tell us how we feel.
Im not going to speculate as to whether LA will ever outgrow NY. I have heard of this before and its not hard to believe considering LA's age and the population booms it has gone through. But I dont understand how people can flat out say, LA has no more room for growth. Yeah maybe not outward...but you talk like Los Angeles cant build up like NY, CH, SF, which, after looking at much of the construction in downtown LA, it seems like that is where its headed.
Oh yea, and LA's population due to immigration is probably larger than NY's and continues to grow. Albeit, most of this population is from south/central america, there are still considerable populations from other regions such as asia and eastern europe.
ny metro is bigger and brought by its size i dont see la beat nyc poplation because if la never had moutains then i see a better chance as county wise and city have get urban like chi-town and miami and nyc name couple pass la even throgh la great city or less you city surban area put singles homes it be a better way get better chance ike this nyc chi-town miami vs la
^That's the longest, most grammatically incorrect run-on sentence I have ever seen.
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