AgentData

LA millennials flocking east while techies live coastal

Gentrification on the Eastside poses affordability problems for locals, but not all young residents are leaving the beach
  • As housing prices push higher across Los Angeles, millennials are sprawling throughout the city with lifestyle in mind.
  • Creative types are opting for Eastside neighborhoods near Highland Park and established artist havens like Culver City despite increasing prices.
  • Those looking to buy with a bigger income seem more enthralled with pricey Venice and the greater Silicon Beach area.
  • The median rent for one-bedroom units is $1,940 per month while two-bedroom units cost a median $2,650 per month, according to Apartment List data.

To live near the beach or forge a fresh path farther from the coast? Many Los Angeles millennials are facing a crossroads in mapping out the city, but fluctuating prices and lifestyle preferences are always driving factors. Buying or renting virtually anywhere in L.A. isn’t cheap, particularly now. Nonetheless, the younger crowd is looking outside of the box to lower their monthly housing burden. According to Nourmand Associates brokerage President Michael Nourmand, as more young people enter these once-cheaper and often ignored neighborhoods, the hotter and more expensive they've become. “When housing is not affordable for a lot of people, they look at areas that maybe have a good history, or were desirable areas years ago, that over the years became run down,” Nourmand said. “Each time there’s been a positive market, it seems like the better part of L.A. seems to expand.” However, not all L.A. millennials are going east. Some are sticking with the trie...