Hollywood, California is most famously known for its association with the movie industry and movie stars. For decades, Hollywood is often seen as the center for all things revolving the entertainment industry and nightlife. However, Hollywood is actually a neighborhood located within the city of Los Angeles, California.
In 2008, Hollywood would be made to be a specific neighborhood or district recognized by the city of Los Angeles, and now has very distinct borders. However, even though the correlation with Hollywood may be with the entertainment industry, and thus, affluence and money, such is not necessarily the case.
The population of Hollywood is about 210,000 with an average income of about $33,000. These figures have a direct effect on the Hollywood real estate market. Furthermore, there also seems to be an inherent discrepancy regarding the Hollywood real estate market. The average listing price in the Hollywood real estate market is about one million dollars, which can reflect the possibility of the real estate property market focusing more toward those in the entertainment industry.
However, that is not to say that people with average incomes do not live in Hollywood, but rather that the market itself and its average listings are dominated by more luxurious homes rather than middle income housing or apartments. Furthermore, due to the recent changes regarding the borders created for the neighborhood of Hollywood, neighboring areas may not be factored in the Hollywood real estate numbers, focusing in a distinct and particular area that may be more suited or focused on catering those within Hollywood’s entertainment industry.
