Located in the city of Santa Clarita is the affluent neighborhood of Valencia. Like much of the real estate in Los Angeles County, the neighborhood is home to some of Southern California's richest families as the most recently reported median household income was $109,029 while the overall median for the city was $82,642, also above the statewide average of $60,883.
In 2008, the population of Valencia was reported as 148,456 residents and it also ranked as one of the best places to live by Money magazine. The boosted household income also contributed to the higher median value of owner-occupied housing units between 2006 and 2010, which reached $465,700, just over California's median value of $458,500. Additionally, Santa Clarita's population increased significantly by 16.7 percent between 2000 and 2010 while the state's population jumped 10 percent within the same time.
Within Valencia, there are separate residential areas better known as villages, which offer different styles of single-family homes and shopping centers as well as parks. It is also home to the California Institute of Arts and a renowned education system of both public and private schools.
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.