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Real Estate Prices & Overview

Lake Balboa median real estate price is $988,006, which is more expensive than 60.3% of the neighborhoods in California and 90.4% of the neighborhoods in the U.S.

The average rental price in Lake Balboa is currently $3,385, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 43.6% of California neighborhoods.

Lake Balboa is an urban neighborhood (based on population density) located in Los Angeles, California.

Lake Balboa 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 single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Lake Balboa neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

In Lake Balboa, the current vacancy rate is 0.7%, which is a lower rate of vacancies than 92.3% of all neighborhoods in the U.S. This means that the housing supply in Lake Balboa is very tight compared to the demand for property here.

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.

Diversity

Did you know that the Lake Balboa neighborhood has more Armenian and Iranian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 5.4% of this neighborhood's residents have Armenian ancestry and 2.2% have Iranian ancestry.

Lake Balboa is also pretty special linguistically. Significantly, 5.4% of its residents five years old and above primarily speak Tagalog, which is the first language of the Philippine region, at home. While this may seem like a small percentage, it is higher than 98.2% 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 Lake Balboa neighborhood in Los Angeles are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 45.3% of the neighborhoods in America. With 16.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 63.5% of U.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 Lake Balboa neighborhood, 44.9% 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 25.4% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (15.9%), and 13.7% in clerical, assistant, and tech support occupations.

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 Lake Balboa neighborhood is Spanish, spoken by 40.5% of households. Other important languages spoken here include English, Tagalog (the first language of the Philippine region) and Chinese.

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 Lake Balboa neighborhood in Los Angeles, CA, residents most commonly identify their ethnicity or ancestry as Mexican (27.8%). There are also a number of people of Asian ancestry (11.9%), and residents who report South American roots (5.9%), and some of the residents are also of Armenian ancestry (5.4%), along with some German ancestry residents (4.3%), among others. In addition, 35.4% 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 Lake Balboa neighborhood spend between 15 and 30 minutes commuting one-way to work (31.9% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (75.3%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (12.3%) . 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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