The Island City
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Located within the L.A. metro area is the city of Long Beach. With a population of 462,257, it is the 39th most populated city within the US. Long Beach is the seventh most populated city lying on the southern side of California.
Culture, History, and Business
Native people have resided on the southern coast of California for more than 100 centuries, with numerous cultures having lived on where the present-day city of Long Beach now stands. During the sixteenth century when the Spanish explorers first arrived, the most prominent group here were the Tongvapeople. They had at least three main settlements within present-day Long Beach, the inland settlement close to the River Los Angeles called Tevaaxa’anga and the coastal villages Povuu’nga and Ahwaanga. Together with other minor settlements, the natives were forced to move due to political changes, missionization and a significant decline in population because of European disease exposures.
The city’s economic base has been dynamic over the years. The city was a Naval town for a lot of years before the base was shut down. It also experienced a lot of economic boom from oil extraction. The aerospace sector has also contributed significantly. Boeing formerly McDonnell Douglas and Douglas Aircraft Company established plants at the airport in Long Beach where they assembled World War II aircraft and later constructed MD-11s, DC-10s, DC-9s and DC-8s. Boeing has reduced its production rate in the city. However, it is still among the biggest employers in the city.
Real Estate Appeal
The property market in California is well known for astronomical property prices. This is true, especially in the larger cities within the state, including the real estate markets of San Francisco and Los Angeles. Long Beach real estate offers investors the option of not paying such expensive price tags. The median property prices of Los Angeles, San Diego, Santa Barbara, Oakland, San Francisco, and San Jose are higher compared to that for Long Beach.
Rental yields at the city center are at a rate of 6.44% while outside the city center is 7.11%. The cost of renting a one-bedroom in the city center and outside the city is $1889.7 and $1477.18, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is $2907.69 and 2329.50, respectively. The cost of an apartment in the city center is $5983.35 per sq. meter while outside the city center cost $4281.37 per sq. meter. For details of why you should consider investing and the hottest neighborhoods, see our subsequent related articles.
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