Why Renting Is Better Than Buying in Orange County, CA
In a recent article posted by the LA times, Orange County is the 3rd-priciest housing market in the U.S. Qualifying for a mortgage on a median-priced home in Orange County with a 20% down payment would require a household income to be $131.168, the report estimates; with 5% down, it would require $155,762. Adding to the affordability woes, Zillow is predicting that home prices here will climb 5.7% in the next year, outpacing likely growth in most people’s paychecks. The median household income in Orange County is $75,566, according to the Census Bureau. With house prices on the rise, and people’s paychecks remaining the same, fewer houses will be sold and more people will turn to renting and they’ll be spending between 42% of their income to rent an apartment and 47% of their income to rent a house.
To read more about the rental and house buying market in Orange County please visit the links below.
To rent one of Real Property Management’s vacant properties please visit our website at https://www.rpmcoast.com/