Redfin recently released a report on the economic diversity of the nation’s major cities using 2014 city-specific median family income data from the American Community Survey. Los Angeles was ranked as the no. 7 best city for a balanced mix, with 19 percent of its neighborhoods with balanced economic diversity.
The report determined purchasing power as a 20 percent down payment on a 30-year fixed-rate mortgage at 4 percent. Monthly family income going toward a mortgage was measured at 28 percent.
Redfin measured home price mix by summarizing a 500-meter grid, which were then classified as one of three categories: mix of affordable and high-end homes, high-end homes and affordable homes.
What’s the economic breakdown of Los Angeles neighborhoods?
|Pacific Palisades||100%||Vermont Vista||100%|
|Beverly Hills||100%||South Los Angeles||61%|
Los Angeles has a reported 74 percent of high-end areas and only 7 percent of them are considered affordable.