by Jodi Summerslos-angeles-county-youth-unemployment

Have neighborhood rents finally topped out? Los Angeles’ high rents are impacting the city’s demographics, as young people leave the city for more affordable metros elsewhere in the country. A new report from Apartment List analyzed the Census data of 18- to 34-year olds from 2005 to 2015 and found the number of millennials living in Los Angeles dropped 7.4% in 10 years. This significant decline puts LA at 48th, out of 50 U.S. metro areas in millennial population growth.

los-angeles-viewMillennials commonly share two characteristics: a tendency to move quickly from job-to-job and a boatload of student loan debt. Given these dilemmas, their #1 and #2 priorities when choosing a place to live should be:

  1. Cost of living versus income.
  2. Securing employment at a place we are pleased to work long-term

los-angeles-young-workersA new UCLA Labor Center report titled, “Young Workers in L.A.: A Snapshot,” concludes that more than half of Los Angeles County’s “young workers” — 57% of those ages 18 to 29  — are stuck in low-wage jobs. The report defines low wage as $13.38 an hour or less. Young adults in low-wage jobs in the county make a median hourly income of $9.04, UCLA concludes.  More than 66% of these low-wage workers are Latino, the school says.black-book-millennials

The UCLA Labor Center also concluded that exactly one in every four workers in L.A. is between the age of 18 and 29.  More than one in four (26.8%) have a bachelor’s degree or higher; that compares with 15.6% in 1980. Nine out have graduated from high school. Almost one in five of these workers is a parent, and one-third are head of a household, according to the report.

The biggest job sectors for L.A. County’s young workers are retail and restaurants and bars. About half of young workers “live independently; 62% rent; and almost one in 10 live below the poverty line

millennials-in-laThe high cost of rent combined with LA’s sluggish salaries is creating a deterrent for young people from moving to the City of the Angeles. Those that have moved here are paying well over the recommended 30% of their income on rent.

Beyond renting, “Fewer millennials are settling in L.A.,” notes Andrew Woo, Apartment List’s director of data science. There’s a lot working against millennials aiming to put down roots in Los Angeles.”

Meanwhile, populations of young people are booming in “affordable” metros such as Houston and Austin, which saw double-digit growth in their millennial population. Apartment List says the jobs sectors of both cities saw “significant income growth.”

millennials-dont-enter-retail-stores-with-a-plan

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http://la.curbed.com/2016/11/15/13639738/millennials-leaving-los-angeles-housing-costs

http://www.thestrugglingmillennial.com/index.php/2016/05/25/the-worst-best-cities-for-millennials-in-america/

www.lovesiliconbeach.com/most-millinnials-cant-afford-to-move-to-los-angeles

http://cdn.travelpulse.com/images/99999999-9999-9999-9999-999999999999/763a92da-72a7-e211-b08b-001a4bd1ca5c/630×355.jpg

http://www.laweekly.com/news/more-than-half-of-las-millennials-work-crappy-jobs-6113976

http://www.socalmultiunitrealestateblog.com/millennials-are-not-moving-to-los-angeles/

http://adartco.com/wp-content/uploads/2015/08/Millennials-dont-enter-retail-stores-with-a-plan-often_2021_40075962_0_14106769_500723.jpg

https://static1.squarespace.com/static/56fe091d37013b09a7377fc7/t/578296ddd2b857a8dd96e2e9/1468176130821/

http://cdns.yournewswire.com/wp-content/uploads/2016/11/calexit-suicide-watch-900×350.jpg

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About Jodi Summers

Jodi Summers
SoCal Investment Real Estate Group
Sotheby’s International Realty
jodi@jodisummers.com

Sotheby’s International Realty’s legacy dates back to 1744. Respected as one of the world’s oldest and largest fine art auctioneers, Sotheby’s has a longstanding tradition of bringing together buyers and sellers of fine property. Today, Sotheby’s International Realty boasts nearly 13,000 sales associates, located in more than 660 offices in 49 countries and territories. Broker Jodi Summers is the founder of the SoCal Investment Real Estate Group, a top producing team with Sotheby’s International Realty in the Los Angeles area.

With more than $140,000,000 in listed inventory, Jodi and the SoCal Investment Real Estate Group know finance, rules, regulations, procedures and methods. We are accurate, knowledgeable, timely and aware of how government shapes the cities of Southern California, including Santa Monica, Venice, Culver City, West Hollywood, Beverly Hills and Los Angeles.

A New York native, Jodi grew up working in the family business – marketing, Madison Avenue style. Childhood math quiz questions calculated demographic and psychographic percentages or analyzed the allocation of adverting dollars. Word games were for devising slogans.

“My marketing and communication skills have proven to be a true gift when it comes to promoting real estate,” observes Jodi. “And I am consistently able to get an exceptionally high price per square foot for my sellers.”

Discipline (Jodi holds a Black Belt in Tae Kwon Do), organization, motivation, excellent communication skills and knowing & satisfying the needs of her clients have been her essentials for running a successful business. A passion for investment real estate explains her emphasis in asset-yielding properties.

The City of Santa Monica chose Jodi to be part of the prestigious 9-member Civic Working Group to analyze and offer feedback on the future of the 10.5-acre Santa Monica Civic Auditorium site. Additionally, Jodi is a member of the National Association of Realtors, Beverly Hills + Greater West Side Association of Realtors, Action Apartment Association of Westside income property owners, the Santa Monica Conservancy historic preservation society, the Friends of Sunset Park community group, the Real Estate Investors Club L.A., the American Solar Energy Society, Sierra Club, California Parks Association and the Culver City Rock & Mineral Club. She is currently the Communications Chair for the Ocean Park Association in Santa Monica, and a partner in Save the Civic – a community group involved with the City in the adaptive reuse of the Santa Monica Civic Auditorium and adjacent area.

An honors graduate from the Walter Cronkite School of Journalism at Arizona State University, Jodi moved to California in the mid-’90s to achieve her goal of living by the beach with a hibiscus bush in her yard.

She has thrived as an entrepreneur in the entertainment, media and marketing industries. She has three books in publication with Allworth Press – The Interactive Music Handbook, Making and Marketing Music and Moving Up In the Music Business. Making and Marketing Music is in second edition. Check out her work on Amazon.com.

Find out more about Jodi Summers through her social networks –
Linked In: http://www.linkedin.com/in/jodisummershere
Facebook: http://www.facebook.com/profile.php?id=1296490898
Flickr: http://www.flickr.com/photos/jodisummers/collections/
Twitter: http://twitter.com/jodisummers
About.Me: http://about.me/SoCalInvestmentRealEstateGroup
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Our websites + blogs + brands include:
www.SoCalInvestmentRealEstate.com
www.SantaMonicaLandmarks.com
www.SoCalIndustrialRealEstateBlog.com
www.SoCalOfficeRealEstateBlog.com
www.SoCalMultiUnitRealEstateBlog.com
www.SoCalGreenRealEstateBlog.com
www.SantaMonicaPropertyBlog.com

Category

Local, Snapshot, Uncategorized