Downey is a diverse city located approximately 12 miles (about a 20-minute drive) southeast of DTLA. Like most cities around Los Angeles, the weather in Downey is sunny and pleasant year-round. Historically, the city is known for being one of the birthplaces of aerospace history, home of the first-ever Taco Bell (which has since been comically towed to Irvine), and home to the oldest McDonald’s restaurant in operation.

Nowadays, many people know it as a laidback middle-class suburb for families, business owners, and entrepreneurs. There’s always an activity to do in the area, whether it’s shopping, heading to the movies, checking out a new hip café, or even going to an art gallery. 

With so many opportunities for growth in Downey, many people living in the city of Los Angeles are starting to take notice. According to Data USA, a platform that collects and analyzes shared government data, the median home value in Downey is approximately $425,000, which is about $100,000 lower than the median home value in Los Angeles. Compared to other areas within 20 minutes of DTLA, such as Koreatown, Pasadena, and Boyle Heights, Downey offers residents the right balance of urban and suburban lifestyle at an affordable price. 

Economic Growth

The Promenade at Downey / Courtesy of TAIT & Associates

Eduardo Vazquez, a student at Pasadena City College and longtime Downey resident, says that “the area has definitely improved over the past few years. Before, there were just small businesses and maybe one main mall. Now, there are so many new restaurants and malls.” Although Stonewood Center, located at Firestone and Lakewood, has been a retail staple since its opening in 1958, the addition of the new outdoor Promenade at Downey, which opened down the street in 2016, has revitalized the area for millennials.

Thanks to the new mall, over 3,000 new jobs were brought to the city. This put Downey on the map as an area of financial flourishing. Last year, Downey was recognized as 2017’s “Most Business-Friendly City” by the Los Angeles County Economic Development Corporation, an agency that measures economic growth in business. In the year of 2016 alone, the city gained over 130 new businesses, and over 4,400 business registrations were renewed. With these new employment opportunities and trendy businesses came a wave of new residents, including working professionals and entrepreneurs. 

Healthcare, Location, and Recreation

Courtesy of Medical Construction and Design

Vazquez proudly asserts that “Downey has always been considered a safe and clean area with a great community, lots of resources, good schools, and hospitals.” Indeed, in the past few years, the city has become a vital center for healthcare, especially with major hospitals renovating and setting up shop. Four heavy-hitting healthcare developments include the Rancho Los Amigos Rehabilitation Center and its South Campus (which will include new residences, transit, and commercial space), Kaiser Permanente, and Downey Regional Medical Center. 

Many developers are also drawn to Downey’s central location. The city is conveniently located near four major freeways, including the I-105, I-5, I-605, and I-710, which gives residents easy access to both Los Angeles and Orange County. According to Downey’s planning department, the city has over 10 active residential development projects planned, many of these include condominiums, apartments, and single-family townhomes.

Despite Downey’s proximity to other areas though, many locals often choose to stay close to home. Vazquez, who is no stranger to commuting, says “I usually just hop on the 710 or I-5 freeway to go to class, but other than that, I stay around town. It’s a lot cheaper to eat and hang out in Downey, and there’s plenty of entertainment along Firestone. Parking also isn’t really an issue here.” For many residents, the city is an ideal home base because it’s amenity-rich with plenty of cultural and recreational activities available.

Housing Demands

 

So are more LA residents moving to Downey? The answer is yes, but only if they’re lucky enough to find a home. Although the city has become increasingly attractive to residents living in the nearby Los Angeles and Orange County areas, there is a shortage of real estate inventory here. 

Because of Downey’s improved economy, a fairly high demand for new residences, especially multi-family homes, prices are being driven up. There are currently 179 homes for sale in the city, ranging from $219,950 to $2 million.