Thousand Palms, Indian Wells named as hotspots for growth in new report
Gavin Nguyen
THOUSAND PALMS, Calif. (KESQ) – Some Coachella Valley communities are seeing the wealth of its residents change in big ways.
The Los Angeles Times published a new report on Monday, which showed some Coachella Valley communities taking the top spots in the state for income growth of its residents between 2017 and 2022:
Thousand Palms: 250% increase ($12,734 in 2017 to $44,893 in 2022)
Indian Wells: 85% increase ($138,653 in 2017 to $255,899 in 2022)
Indio, however, was on the opposite side of the spectrum, and ranked in the bottom five in the state – showing a decrease in average AGI:
Indio: 22% decrease ($48,135 in 2017 to $37,676 in 2022)
The Times found on average, income increased by 36% in that same five-year span across the state.
Chris Casas, a local realtor based in Indio, told News Channel 3 that the trends that he sees in the housing market corroborate the Times’ findings.
According to a report Casas created at the end of August, sales this year have been slower. In August, 40 fewer units sold compared to the yearly average. Despite the slower sales, the dollar amount has remained at $450 million compared to one year ago – a trend that Casas said indicates an influx of wealthy residents ready to pounce on bigger price tags.
News Channel 3 is breaking down the numbers tonight. Stay with KESQ for the latest.