How much will 625k (median home price) buy you in OC? (Irvine: section 8, real estate)

[LuvSouthOC]

How much house does about $625,000 buy in Orange County? - LA Times

[sonnpa]

Great house

[pacific2]

I wonder how much of the OC price increases are investor driven? Investors do seem to be buying up a lot of properties all over the county.

The average OC resident would be very hard-pressed to purchase a $625K home since the median household income here is only about $75K (2013 figures):
Orange County QuickFacts from the US Census Bureau

Maybe we are largely moving towards becoming a county of renters. Perhaps we should look at the example of Irvine, where very recently (2009-2013) slightly less than 50 % of homes were owner-occupied as prices soared:
Irvine (city) QuickFacts from the US Census Bureau

[LuvSouthOC]

I think it isn't so much income stats, which I would warn are a bit deceptive. I think many non-investors purchasers clearly have large amounts of money to put down on these homes. I see homes sold in my neighborhood by those with white collar jobs, very good jobs, but not good enough to pay for what one would would *think* necessary at such prices. Other houses are being sold to retirees and at these sky high prices!

[suzie02]

It doesn't say anything about the schools. I can't find anything for that price in the areas I am looking at that is not a dump. Also updated kitchen or bathroom can mean it was updated 10-15 yrs ago or that they only put in new counter tops and left the original cabinets.

[OCerik]

Originally Posted by suzie02

It doesn't say anything about the schools. I can't find anything for that price in the areas I am looking at that is not a dump. Also updated kitchen or bathroom can mean it was updated 10-15 yrs ago or that they only put in new counter tops and left the original cabinets.

One of my biggest pet peeves is other real estate agents writing "UPDATED" and "REMODELED" in listing descriptions when its obviously not recently updated. Happens far too often.

[payutenyodagimas]

what can we do? we subscribed to "free enterprise" with interest and property tax deduction and if you want section 8 housing, the tenants and the developer both get subsidies.


farms subsidies haven't been lifted since the depression.


its just a matter of economics..supply and demand

[socal88]

The way they professionally photographed those homes with the enhanced lighting makes them appear quite a bit nicer then they are.

For $625K, forget about south OC with the exception of some smaller, old homes in Mission Viejo and Lake Forest. As you can see, the two homes shown in south OC (Silverado Canyon and Ladera Ranch) are a bit off the beaten path are farther from the major job centers in OC, which is why the prices are a tad more attractive.

[LuvSouthOC]

It is now 630k for a median priced home, up from 625k.

$630,000: Orange County median home price in December is highest since Great Recession - The Orange County Register

[John7777]

Imagine what the prices would be without the banks to prop up the bubble. Imagine if people had to use real money.