A section of Los Angeles in and around Downtown is predicted to see a veritable explosion in new households, the second biggest in the US, says a new report from real estate data site Realtor.com. The site used 2016 forecasts for "job creation, household formation and new construction by county" to zero in on counties with the largest expected growth rates, according to a release for the survey.
Then, they used five-year projected household growth figures for areas within those counties to figure out which section of these rapidly expanding counties was destined to be the county's biggest "boom town." By those metrics, Realtor found Los Angeles's own 90012 zip code shaping up to be the second boomingest boom town in the nation. (LA was behind only a suburb of Phoenix called Gilbert.)
The 90012 zip code is used by a handful of Central LA neighborhoods, including Chinatown, the Civic Center, Elysian Park, Victor Heights, parts of the Arts District and Bunker Hill, and most of Little Tokyo. According to Realtor.com, the zip code is set to see household growth of 8.8 percent over the next five years.
Overall, the site found that LA County will host more than 22,000 new housing starts and 65,000 brand new jobs in 2016—numbers that are "5.0 times and 7.2 times more than the average of the top 100 counties in the country, respectively."
A senior analyst with commercial real estate firm JLL's Downtown office tells The Real Deal that growth in 90012 will likely be bolstered by the fact that it's located next to some pretty hot spots, like the rest of the Arts District and Downtown; it's also bordered by Echo Park and the LA River. Chinatown is also growing, with a nearly complete mixed-use project alongside the Chinatown Gold Line station and a large, multi-building project proposed just across the street.