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LA County Real Estate

La County Property

Los Angeles County is the most highly populated county in the United States, having an estimated 10,393,185 residents. Los Angeles is the largest city in the county and is also the second largest city in the nation. There a total of 88 cities incorporated into Los Angeles County, making the prospective real estate market not only very large, but also one that will tend to fluctuate depending on the location of property.

Generally speaking, the median sale value for homes in Los Angeles County is just over $409,000, with an overall ownership rate of about 48%. However, Los Angeles County is also known for having the highest number of millionaires when compared to the rest of the country. A total of over 260,000 households are considered to be of millionaire status, which equals to about one in every 38 households being worth over one million dollars.

Such a factor definitely is bound to drive up LA County property tax figures, for the discrepancy will be noted as the average income in the county is just over $40,000. This may be due to the fact that Hollywood is located in Los Angeles County, making it a viable place for many movie stars and entertainers to settle down and call Los Angeles County home. This may be why, as of 2006, the total LA property tax collected by the county was over $1.2 billion.

However, not all cities and towns in Los Angeles County will have the same median average in terms of home prices. For example Lancaster property is averaged at about $135,000 in home sales prices, while Norwal property is valued at about $279,000, both proving to be significantly below the average.

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