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Nicknamed the “City of Angels,” Los Angeles is one of the most culturally diverse, economically robust, and socially influential cities in not just the United States, but the entire world.
Los Angeles is one of only a few true global cities in the U.S. And, as long as L.A. remains the worldwide center for television and movie production, it will continue to exert great cultural influence over the entire world.
The second most populous city in the U.S., Los Angeles is home to nearly 4 million people. The Los Angeles metropolitan area, however, is home to over 13 million Californians. The residents of Los Angeles come from all ends of the economic spectrum; CEO’s and minimum-wage workers alike co-mingle in La-la-land, making the city in and of itself a fascinating economic study.
In 2016, the Institute for Urban Strategies ranked L.A. 13th on their Global Power City Index (GPCI). The GPCI evaluates 40 of the world’s leading cities based on “their comprehensive power which allows them to attract creative individuals and business enterprises from every continent and to mobilize their assets in securing economic, social, and environmental development.” The only North American city ahead of L.A. was New York City.
Further, according to the most recent analysis from the Bureau of Economic Analysis within the U.S. Department of Commerce, Los Angeles’ gross metropolitan product (GMP) of $866 billion ranks third in the entire world. Only Tokyo and New York City are ahead of L.A., respectively.
While the aforementioned studies offer a more wide-lensed view of the economics of L.A., LendEDU wanted to dive a bit deeper into Los Angeles’ finances. To do this, we licensed data from Experian’s Premier Aggregated Credit StatisticsSM dataset and Onboard Informatics’ city dataset to offer a neighborhood-by-neighborhood look into the finances of the City of Angels.
Below, you will be able see a local breakdown of important financial statistics like average credit card balances, median incomes, and average credit card delinquency rates for each of the 112 neighborhoods in Los Angeles.
Map of Los Angeles’ Overall Finances
Highest Average Credit Scores
Highest Median Incomes
Highest Average Credit Card Debt Balances
Lowest Average Credit Card Delinquency Rates
Credit card delinquency rates refers to the portion of consumers with at least one credit card who were reported to have missed a payment for at least 30 days or more within the last six months.
Highest Average Outstanding Mortgage Balances
Lowest Average Mortgage Delinquency Rates
Mortgage delinquency rates refers to the portion of consumers with at least one outstanding mortgage who were reported to have missed a payment for at least 30 days or more within the last six months.
Highest Average Student Loan Debt Balances
Highest Average Auto Loan Debt Balances
All data that was used in this report was licensed by LendEDU from Experian’s Premier Aggregated Credit StatisticsSM (PACS) dataset, in addition to Onboard Informatics’ city dataset. The Premier Aggregated Credit StatisticsSM dataset was used for ZIP CodeTM1 data, average VantageScore 3.0®2 credit scores, average credit card debt, percentage of consumers 30 or more days late on a credit card payment, average mortgage balance, percentage of consumers 30 or more days late on a mortgage payment, average student loan debt, and average auto loan debt.
Onboard Informatics’ city dataset was used to find the median household income data, in addition to the location data (city name, county name, ZIP CodeTM, etc.). ZIPTM codes from both Onboard Informatics and Experian were used to join corresponding Experian financial data with Onboard Informatics’ location and financial data. Neighborhood names were matched to the appropriate ZIPTM codes by using www.unitedstateszipcodes.org. In total, 112 Los Angels neighborhoods were analyzed.
For each table found above, all 112 listed neighborhoods were included and ranked from highest to lowest or vice-versa. Every financial category was ranked from highest to lowest, with the exception of two: average mortgage delinquency rates and average credit card delinquency rates. Those two categories were the only two where a lower number indicated a more desired score.
See more of LendEDU’s Research
1. Experian is a nonexclusive full-service provider licensee of the United States Postal Service. The following trademarks are owned by the United States Postal Service: ZIP and ZIP Code. The price for Experian’s services is not established, controlled or approved by the United States Postal Service.
2. VantageScore is a registered trademark of VantageScore Solutions, LLC.
Author: Mike Brown