Los Angeles and Orange counties are 9th hardest metro area to find a place to live
It’s simply hard to find a place to live in Los Angeles and Orange counties.
Last year L.A.-O.C. had the ninth-lowest level of empty housing — ownership and rentals — among the 75 largest U.S. metropolitan areas, according to census data. Only 6.3 percent of places to live were vacant in the L.A.-O.C. area in 2017.
Yes, that’s better than 5 percent empty housing in 2016, when the region had the nation’s lowest vacancy rate. But limited options have been a long-running challenge for locals seeking a home.
Since the Great Recession, L.A.-O.C. vacancies averaged 5.9 percent in 2011-2017, a rarity of empty housing exceeded only by San Jose and Minneapolis among the major markets. Oh, and San Francisco was No. 4!
The trend is not favorable. Last year’s L.A.-O.C. rate is barely down from running at a U.S. low of 6 percent in 2005 to 2010, the build-up to housing’s bubble and the ensuing burst.
It’s a different tale away from the Southern California coast. In Riverside and San Bernardino counties last year, 16.2 percent of housing was vacant, sixth highest among the 75 largest metro areas. That was up from 14.8 percent, No. 67 nationally, in 2016. Since the recession, Inland Empire vacancies have improved to averaging 16 percent vs. 17.4 percent in 2005-2010.
A key reason L.A.-O.C.’s vacancy rates are among the nation’s lowest is a largely full rental market. Last year, the census tallied 4.1 percent empty rental units — the seventh-tightest big market. At least that was an improvement from a nation-low 2.9 percent vacancy rate in 2016.
Inland Empire rental vacancies are more forgiving to housing hunters: 5.6 percent last year — 16th lowest — same as 2016. Nationally, rentals were easier to find last year, too, by this math: 7 percent were empty last year vs. 6 percent in 2016.
As for empty owned homes, L.A.-O-C’s vacancy was 0.9 percent last year — 16th lowest — up a smidgen from 0.8 percent in 2016 (No. 8 nationally.) Inland Empire ownership vacancies were 1.6 percent last year — 35th lowest — vs. 1.8 percent in 2016 and running above the national pace of 1.5 percent last year and 1.6 percent in 2016.
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