(CBS)LOS ANGELES A U.S. Census Bureau report released Thursday found the San Fernando Valley is apparoaching cities like New York, Los Angeles, Chicago and Houston in population, commute times and home prices.
There are more than 1.74 million people in the Valley, which would make it the fifth most-populated city in America.
"Having specific and official data about the Valley will help to establish our Valley identity, and help us fight for state and federal funds," said Rep. Brad Sherman, D-Sherman Oaks. "It will also help attract businesses to the Valley by showing that we offer an educated workforce and a strong consumer market."
The report also found that Valley residents commute an average of 29 minutes, 7.4 percent longer than the average Californian, and pay more for homes - average home prices in the San Fernando Valley are higher than in California and the nation, with a median of $524,800.
"This information will help us make the case for Valley homeowners on a number of issues, such as increasing the conforming loan limit to make more low-cost mortgages available, and preserving the income tax deduction on mortgage interest," Sherman said.
Despite the region's wealth, more than 72,000 of the more than 583,000 households in the Valley, 12.4 percent, have an income under $15,000, according to the census.
This is the first U.S. Census Bureau report released on the San Fernando Valley.
"Before now, anyone interested in the Valley's economic and demographic trends had to assemble partial and fragmented information from diverse sources which provided incomplete notions of the Valley's dynamics," said Daniel Blake, director of the San Fernando Valley Economic Research Center and Cal State Northridge.
The report is a "boon to the business community, policy-makers, politicians, the social services sector and civic leaders," Blake said.
