A report out yesterday from the Downtown Long Beach Associates says that average yearly household income in downtown Long Beach has jumped from $30,048 in 2000 to $50,472 now, with more than 37 percent of residents making more than $50,000, reports the Long Beach Press-Telegram. And that's with the median age holding steady at 30 years old. Meanwhile, home values have managed to shoot up accordingly--median value was $92,866 in 2000 and is now at $173,833. The report also analyzed the behaviors of the people living downtown (and gave them sort of goofy names): the biggest group of residents is "Metro Renters," "young, educated singles" who like yuppie stuff like traveling, museums, and Nordstrom. Group number two is "Inner-City Tenants," parents who shop discount stores, but still go to movies and sports events. And number three are the combined "Young and Restless" and "Laptop and Lattes" crowds, who have smartphones and mp3 players and undoubtedly whip them out at their dinners out (which they have frequently). Now that they know how well DTLB is doing, Downtown Long Beach Associates' president says it's time to capitalize: "We now need to promote that demographic to potential investors."
· Downtown Long Beach economic profile reveals more upscale residents [LBPT]