Real Estate Investing – Areas to Buy In (2 of 2)

Real Estate Investing – What are the areas with the highest population and job growth in SoCal?    I’ve pasted the excerpts from the SCAG reports below, but to summarize  the results it’s the Antelope Valley (Palmdale/Lancaster) with a 168% population growth, and West Riverside County, with an 86% growth.

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North LA County Subregion (Antelope Valley) (pg 31-32 of SCAG Forecast Report)

Population and Households

North LA County Subregion includes the city of Lancaster, the city of Palmdale, the city of Santa

Clarita, and the northern part of the LA County unincorporated area. Based on the 2000 Census, it has a 5.3% share of the LA County population and a 4% share of the LA County households.

The subregion’s population is expected to increase from 512,000 in 2000 to 1,179,000 in 2030. Population will grow at an annual rate of 4.2 percent, much faster than the LA County annual average rate of 0.9%.

Employment

The North LA Subregion had a 4% share of the LA County employment in the year 2000. Total employment is projected to increase from 179,000 jobs in 2000 to 286,000 jobs in the year 2030. This represents an annual average increase of 2% or 3,600 jobs during the forecast period, which is higher than all the remaining LA County subregions. Los Angeles County has an annual average growth rates of 0.9 percent during the same forecast period.

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Western Riverside Council of Governments (WRCOG) – pg 40 of SCAG Forecast Report

Population and Households

Southern California has been expanding eastward and is projected to continue to expand toward toward fringe areas. Riverside County has been a main beneficiary of this growth trend and it is one of the fastest growing counties in the nation. The population in Riverside County increased from 660,000 in 1980 to 1.5 million in the year 2000 according to the Census. The county’s population and households are projected to double from 2000 to 2030. Population will grow at an annual rate of 3.4 percent, which is much faster then the regional average rate of 1.25%. Approximately 1.6 million people will be added to Riverside County while Orange County will be added only 700,000 people in this forecast period. Associated with the fast growing population, the number of households is projected to more than double by 2030.

Employment

Riverside county job growth ranked in the top five counties in the nation. It added jobs even during the 2001-2002 recession. In contrast, both Los Angeles and Orange County experienced job loss during this period. Total employment in Riverside County is projected to increase from 526,500 jobs in 2000 to 1,189,000 jobs in the year 2030.   This represents an annual average increase of 22,000 jobs or 4.2% during the forecast period. This is much faster than the 0.9% annual growth rate in Los Angeles County and Orange County.

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For additional info, download the “2008 Regional Transportation Report” from the website (http://www.scag.ca.gov/rtp2008/pdfs/finalrtp/f2008RTP_Complete.pdf).  They show you exactly which cities & areas will have the highest population and job growth between now and 2030, and how that growth is distributed. Overlay “now” and 2030  to see the difference.

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Related Subjects/Blog Posts:

http://angellaraisian.com/175/areas-to-invest-in-real-estate-1-of-2/

http://angellaraisian.com/180/areas-to-invest-in-real-estate-2-of-2/

http://angellaraisian.com/1410/areas-to-invest-high-speed-rail-through-palmdale-ca/