Millennials simply can't afford to live in OC (Newport Beach, Jackson: kitchens, health)

[LuvSouthOC]

Originally Posted by udidwht

Everything does as some point.See how flat your graph was up until the late 90's?


What goes up must come down. In almost all large cities prices are grossly overvalued by double digits.

Greed is a driving factor heavily.

Orange County is not a "large city" and when rents are considered, it is not grossly overvalued.

[LuvSouthOC]

Originally Posted by udidwht

There's also sucker born every hour of everyday. I guess if someone said to stick your head into a red hot oven you do it?

Buyers are not necessarily suckers just because they want to buy something at a given price that YOU think is not worth the purchase price.

- You may be wrong about the value of the property.
- You may be wrong about the future value of the property (or area).
- You may be misjudging the demand to live in the property you find to be overpriced.
- You do not know what the buyer intends to do with the property.

[udidwht]

Originally Posted by expatCA

Right, don't buy now, prices will drop in a month.
The market is not that hot price wise, as prices are just above the gain in inflation, so no red hot oven.


Income is not growing enough is the problem, too few homes available and more than enough people with money to buy what is on the market, especially coming from other Countries and investors who see more money to be made in buying homes.


The suckers are the ones believing the fairly tale that a big bust is near.

Foreign buyers are part of it. Easy fix....you can lease but not buy unless you are a citizen. Many countries do this.

Suckers are the ones who dont believe in another downturn. The market where Im at now (Seattle) has already been estimated to be at min 40% overvalued.

Since when have incomes ever kept pace? Theyve always lagged behind. Bottomline is no one should be in the postion to fork over 60+ percent of their disposable income for rent.

[udidwht]

Originally Posted by LuvSouthOC

Orange County is not a "large city" and when rents are considered, it is not grossly overvalued.

Compared to 40 years ago it may as well be. LOL!

[udidwht]

Originally Posted by LuvSouthOC

Claim: Orange county has always been overcrowded

Reality: No. Vast areas of OC were undeveloped. In 1978, the OC population was about 1.8m whereas now it is over 3 million.

Born and raised there for over 40 years. I know better. LOL!

[Vanderbiltgrad]

I was reading in the news that if you make 117k a year in the Bay Area you are considered "low income" is that true in OC as well. That is insane.

[LuvSouthOC]

Originally Posted by Vanderbiltgrad

I was reading in the news that if you make 117k a year in the Bay Area you are considered "low income" is that true in OC as well. That is insane.

Pacific2 posted elsewhere that for OC, low income in under about 90k. That’s because it’s cheap in OC...

https://www.ocregister.com/2018/05/0...amily-of-four/

[savvysearch]

Originally Posted by Vanderbiltgrad

I was reading in the news that if you make 117k a year in the Bay Area you are considered "low income" is that true in OC as well. That is insane.

Rent in Bay Area is about 2500-3000K for a studio to 1 bedroom. So, yeah, it’s somewhat low income. Not in OC. It’s firmly middle-class meaning you can likely afford a house, just not in the part of OC that you likely want.

[udidwht]

It shows a great disproportionate difference ,when you consider that at 90k one would be at roughly the top 10 percent income wise. Even at that income youd be foolish to go in on a home at today's exhorbiant prices. You'll die with a mortgage. LOL!

[expatCA]

Originally Posted by udidwht

Foreign buyers are part of it. Easy fix....you can lease but not buy unless you are a citizen. Many countries do this.

Can't under the law. If you think this is appropriate start a movement.

Suckers are the ones who dont believe in another downturn. The market where Im at now (Seattle) has already been estimated to be at min 40% overvalued.

Maybe suckers exist in Seattle, but not SoCal where prices are not overvalued. Value is based on what people will pay, not what people want to pay. I would not want to live in Seattle in any event. Better places exist.

Since when have incomes ever kept pace? Theyve always lagged behind. Bottomline is no one should be in the postion to fork over 60+ percent of their disposable income for rent.

No one is, paying that much as it is voluntary. No one is required to live in a popular and expensive area. Want to pay less, move to a lower cost of living area. I did.



I love SoCal, born and raised there and could afford to live there, but decided not to waste the money. I bought a new home in FL on the Atlantic coast at about 1/3 of the cost for the same new home in CA and the other costs are far less. Oh, the humidity is not really an issue as it is better for my health and skin and once on the beach it is a non issue. And air quality, which is awful in CA, here in FL is way below the limit of the good rating. Great air. I can visit SoCal for years on the savings and still be ahead on savings. In fact I will be there next month for a couple of weeks.