Like much of the real estate in Los Angeles County, homes in the city of Rancho Palos Verdes belong to many residents with stable jobs in higher-income positions. It is a suburb to the busy city of Los Angeles, and sits in the Palos Verdes Hills, offering brilliant views of the ocean.
The 2010 U.S. Census of Population and Housing revealed that 41,643 people called Ranchos Palos Verdes home, a population increase of 1.2 percent from the 2000 Census, while the overall population of California rose 10 percent between 2000 and 2010. The city's population density was 3,092.6 people per square mile.
According to the data, there were 16,179 housing units of which owners occupied 80.2 percent and 19.8 percent of homes were rented. The median income between 2006 and 2010 of residents living in Rancho Palos Verdes of $114,668 likely contributed to an average value of owner-occupied housing units that reached over $1 million. The statewide median household income in the same period was $60,883 while the median value of housing units occupied by owners statewide was $458,500.
Homes for sale in Los Angeles could continue to see multiple offers, as mortgage rates have remained near all-time lows despite rising in two consecutive weeks.