Outlying metro areas are declining in Los Angeles as people choose to live closer to the city
The 9.9 million residents who live in Los Angeles County are spread out over a wide range of territory. People hoping to experience some of the renowned urban lifestyle live closer to downtown Los Angeles, while others raise their families in some of the many outlying suburbs. However, a nationwide trend in real estate is beginning to be felt by homes for sale in Los Angeles as more and more people gravitate toward the center of the city.
The Chicago Sun-Times reported that citizens in the United States are hesitating to purchase property in numerous American suburbs, while the U.S. Census Bureau recently announced the lowest suburban growth seen in many years. Los Angeles was near the top of the list with cities like Miami, Seattle and Detroit.
"The sting of this experience may very well put the damper on the long-held view among young families and new immigrants that building a home in the outer suburbs is a quick way to achieve the American dream," said Brookings Institution demographer William H. Frey, according to the news source.
There is no guarantee that housing prices may be lower due to slower growth rates, but potential homeowners may be able to secure valuable suburban property as residents move closer to urban areas.