When consulting with those considering a move to Anaheim, the first question that often arises is whether the city relies solely on Disneyland. While it is true that tourism plays a significant role, I want to highlight that the employment structure is more layered than it may seem.

The population of Anaheim is around 350,000, and when looking at Orange County as a whole, there has been a gradual decline since the peak in 2020. As housing costs rise, it appears that some young people and middle-class families are moving to the Inland Empire or other states. Conversely, there is also an influx of households with ample retirement assets and professionals who can work remotely, indicating a gradual change in the demographic composition.

Nevertheless, the tourism industry remains a strong pillar of the local economy. Last year, Anaheim welcomed 26.5 million visitors, with direct consumer spending totaling $6.8 billion. At Disneyland Resort alone, the number of cast members reached 36,000, which helps maintain its status as Orange County's largest employer. Additionally, the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry centered around the Anaheim Convention Center supports local hotel and restaurant employment, and discussions about development near Angel Stadium are also mentioned as factors that could broaden the tourism corridor.

However, the unemployment rate in Orange County has recently risen to 3.9%, slightly up from a year ago. The total number of non-farm jobs has also seen a slight decrease compared to the previous year, suggesting a mixed trend of recovery in tourism alongside adjustments in some office and technical jobs. The Orange County Business Expectations Index, which reflects local business sentiment, recovered to the 74 range in the last quarter, indicating a relatively positive atmosphere. Income growth is more pronounced in healthcare and professional services than in tourism-related services.

Long-term projections suggest that the healthcare sector could create nearly 50,000 new jobs by 2035, with an expected increase of close to 30,000 jobs in tourism and outdoor recreation. Ongoing discussions about mixed-use development around the Anaheim Convention Center and the Platinum Triangle area indicate a gradual broadening of the industrial base beyond a tourism-centric economy. Local economic experts suggest that reducing reliance on tourism could enhance the city's resilience in the long run.

When discussing long-term growth potential, there are voices pointing out the risks of over-reliance on tourism, while others argue that having an irreplaceable asset like Disneyland provides a basic level of defense. Ultimately, the key will be how quickly the second and third growth pillars of healthcare and mixed-use development can establish themselves.

For Korean households, areas like Anaheim Hills or West Anaheim, known for their good school districts, show steady demand for rentals and sales. Given the high dependence on tourism, fluctuations due to economic changes should be considered, but taking into account the unique stable asset value trends in Orange County, it can still be viewed as an attractive market from a long-term holding perspective. It aligns well with a long-term holding strategy of over 10 years rather than short-term capital gains. According to data from the Orange County Tourism Board, the revisit rate for tourists visiting Anaheim remains consistently high, indicating that brand loyalty is also a factor supporting the stability of the local economy.

Looking at a long-term horizon of 10 years, Anaheim appears to be in the process of adding new pillars of healthcare and mixed-use development on top of its solid foundation in tourism. While the variable of population decline needs to be monitored, the potential for gradual stable growth seems more likely than a sharp downturn.