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Real Estate Prices & Overview

Palms median real estate price is $1,596,484, which is more expensive than 89.4% of the neighborhoods in California and 97.9% of the neighborhoods in the U.S.

The average rental price in Palms is currently $3,582, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 66.5% of the neighborhoods in California.

Palms is a densely urban neighborhood (based on population density) located in Los Angeles, California.

Palms real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the Palms neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

Palms has a 10.4% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 63.2% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.

Notable & Unique Neighborhood Characteristics

When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.

People

Of note is NeighborhoodScout's research finding that the Palms neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the Palms community truly stands out from the rest in this regard.

In addition, the types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. NeighborhoodScout's exclusive analysis reveals that this neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 49.3%. This is a higher percent living alone than we found in 95.2% of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.

Real Estate

One of the really unique and interesting things about the look and setting of the Palms neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 91.1% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 98.4% of all neighborhoods in America.

In addition, the Palms neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 92.1% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.

Furthermore, 94.9% of the real estate in the Palms neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

Also of note, the Palms neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 34,813 persons per square mile in the neighborhood, it is more packed with people than 97.5% of the nation's neighborhoods.

Occupations

Executives, managers and professionals make up 70.8% of the workforce in the Palms neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 95.9% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.

Migration / Stability

Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. In the Palms neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 96.0% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.

Diversity

Did you know that the Palms neighborhood has more Asian and Eastern European ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 25.8% of this neighborhood's residents have Asian ancestry and 1.5% have Eastern European ancestry.

Palms is also pretty special linguistically. Significantly, 2.7% of its residents five years old and above primarily speak Korean at home. While this may seem like a small percentage, it is higher than 97.3% of the neighborhoods in America.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the Palms neighborhood in Los Angeles are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 63.5% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America's neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Palms neighborhood, 70.8% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 13.0% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (11.7%), and 5.6% in government jobs, whether they are in local, state, or federal positions.

Languages

The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the Palms neighborhood is English, spoken by 52.0% of households. Other important languages spoken here include Spanish, Chinese, Langs. of India and Korean.

Ethnicity / Ancestry

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

In the Palms neighborhood in Los Angeles, CA, residents most commonly identify their ethnicity or ancestry as Asian (25.8%). There are also a number of people of Mexican ancestry (7.9%), and residents who report Irish roots (7.0%), and some of the residents are also of Italian ancestry (6.6%), along with some South American ancestry residents (4.7%), among others. In addition, 34.8% of the residents of this neighborhood were born in another country.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Palms neighborhood spend between 15 and 30 minutes commuting one-way to work (49.5% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (63.0%) drive alone in a private automobile to get to work. In addition, quite a number also hop out the door and walk to work to get to work (5.9%) and 5.9% of residents also carpool with coworkers, friends, or neighbors for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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