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

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.”





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About Jodi Summers

Jodi Summers
Sotheby’s International Realty

Jodi Summers Bio

With $100,000,000 in listed inventory, Jodi Summers understands the coastal commercial real estate market. A top producer with Sotheby’s International Realty, Jodi knows finance, rules, regulations, procedures and methods. She is accurate, knowledgeable, timely and aware of how government shapes the cities of Southern California.

Jodi is born in Brooklyn, raised in and around Manhattan – the family business was 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.

An honors graduate from the Walter Cronkite School of Journalism at Arizona State University, Jodi moved to California to achieve her goal of living by the beach with a palm tree and a hibiscus bush in her yard.
She thrived as an entrepreneur in the entertainment, media and marketing industries. One of her books, “Marking and Marketing Music,” is in second edition.

“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.

Her team joined Sotheby’s International Realty for the company’s powerful brand and stellar reputation.
“We offer the broad market knowledge needed to assist clients in formulating a sound acquisition strategy,” Jodi amplifies. “Together, we evaluate various markets, property types and neighborhoods to devise a customized approach that meets each client’s specific objectives.”

Jodi is a member of the Action Apartment Association of Westside income property owners, the Santa Monica Conservancy historic preservation society, the Ocean Park Association, the Friends of Sunset Park community group, the Real Estate Investors Club of L.A., and the Culver City Rock & Mineral Club. Members of her team are fluent in Spanish and Italian.

“Our reputation assures your satisfaction.”