According to the National Association of Realtors, the average price of homes sold in the fourth quarter of 2016 in Orange County, CA was $686,018. Obviously, coastal cities like San Clemente, Dana Point, Laguna Beach and Newport Beach are going to have much higher prices. Additionally, this includes not only single family homes, but condominiums as well.
So, what that means for a buyer of such a property, assuming a 10% down payment and a mortgage rate of 4.2%, their mortgage payment would be $3,019 per month. Of course, this does not include property tax, HOA dues, homeowner’s insurance, maintenance and utilities, adding at least another $1,000 per month. No wonder they talk about affordability issues in Orange County. The first $50,000 of someone’s take-home pay goes straight to paying for housing. Small wonder there is such a massive trend toward “affordable housing” with all the apartments being built and the latest development of micro condominiums (under 500 square feet).
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