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Old 12-03-2017, 12:02 PM
 
Location: Gilbert, Arizona
2,940 posts, read 1,799,582 times
Reputation: 1940

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Quote:
Originally Posted by payutenyodagimas View Post
you mean the homeowners cant afford their houses?
If one spends over 30% of their income on housing (mortgage, taxes, insurance, utilities), then yes, that'll meet the definition of can't affording their home.
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Old 12-03-2017, 12:12 PM
 
6,089 posts, read 4,949,975 times
Reputation: 5985
Quote:
Originally Posted by man4857 View Post
I mean, unless you have some warped view where everyone makes 150k+ a year... then how can you even work the math to afford 1M+ properties?

It's just a simple fact that there are more lower wage workers than higher wage workers. And if you look at the income of a typical 2-income earner household with maybe some college education, and BA/BS degree, unless you're in some highly paid profession or maybe doing some illegal activity, there's no way you can afford that kind of real estate. Plain and simple.

Maybe you're different, which is fine. But you're one person. There's many more who can't afford as much as real estate prices are asking for. But those people also need a place to live. Everyone does.
Dude, 1% of all millionaires in the U.S live in Orange County. 113,000 households who are worth more than a million bucks. What's the inventory looking like in OC lately?
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Old 12-03-2017, 01:08 PM
 
Location: Laguna Niguel, Orange County CA
9,808 posts, read 11,076,122 times
Reputation: 7996
Quote:
Originally Posted by CaliRestoration View Post
Dude, 1% of all millionaires in the U.S live in Orange County. 113,000 households who are worth more than a million bucks. What's the inventory looking like in OC lately?
I think the number is considerably higher now. I think that figure is probably outdated. Asset values (other than one's primary residence) have increased so very much.

Last edited by LuvSouthOC; 12-03-2017 at 02:34 PM..
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Old 12-03-2017, 02:54 PM
 
Location: Laguna Niguel, Orange County CA
9,808 posts, read 11,076,122 times
Reputation: 7996
It looks like Vegas is the big destination for millennials from the Greater LA area.

From the article:
“I didn’t want to leave California. I love the weather, I love the outdoors, I love my family and friends,” said Rawding, a Chapman University grad.

But in California she saw a future in which she’d be trapped, indefinitely, by high rents, ridiculous commutes, or some combination of the two.

“I saw articles about millennials leaving California because they were never going to be able to have houses they could afford,” she said.
They're leaving California for Las Vegas to find the middle-class life that eluded them.
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Old 12-03-2017, 04:55 PM
 
Location: Gilbert, Arizona
2,940 posts, read 1,799,582 times
Reputation: 1940
Quote:
Originally Posted by CaliRestoration View Post
Dude, 1% of all millionaires in the U.S live in Orange County. 113,000 households who are worth more than a million bucks. What's the inventory looking like in OC lately?
1) Just because millionaires live there doesn't mean nobody else does. You act like, well because millionaires lives there, that's why it's expensive while ignoring the rest of the population. When there's multiple factors contributing to high housing prices. All supply and demand.... Supply and demand doesn't factor into account income if you didn't know.

2) I don't care what their net worth is. It says nothing about affordability for the average family. Care to tell me what is the ratio of millionaires to non-millionaires just in OC? I'm going to bet you it's multiples higher....
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Old 12-03-2017, 05:27 PM
 
Location: Ca expat loving Idaho
5,267 posts, read 4,140,578 times
Reputation: 8133
Quote:
Originally Posted by man4857 View Post
1) Just because millionaires live there doesn't mean nobody else does. You act like, well because millionaires lives there, that's why it's expensive while ignoring the rest of the population. When there's multiple factors contributing to high housing prices. All supply and demand.... Supply and demand doesn't factor into account income if you didn't know.

2) I don't care what their net worth is. It says nothing about affordability for the average family. Care to tell me what is the ratio of millionaires to non-millionaires just in OC? I'm going to bet you it's multiples higher....
Also a lot of millionaires here are in paper not bank accounts due to their house equity.
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Old 12-03-2017, 06:01 PM
 
Location: Laguna Niguel, Orange County CA
9,808 posts, read 11,076,122 times
Reputation: 7996
And let's not forget about all of the rich Chinese who are in OC.


https://www.youtube.com/watch?v=J-ZZHQVZWLY
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Old 12-03-2017, 06:21 PM
 
Location: Gilbert, Arizona
2,940 posts, read 1,799,582 times
Reputation: 1940
Quote:
Originally Posted by LuvSouthOC View Post
And let's not forget about all of the rich Chinese who are in OC.
So then how do you make it more affordable policy wise?
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Old 12-03-2017, 06:25 PM
 
Location: Gilbert, Arizona
2,940 posts, read 1,799,582 times
Reputation: 1940
Quote:
Originally Posted by Finper View Post
Also a lot of millionaires here are in paper not bank accounts due to their house equity.
Sure, but where a small section of the population's wealth is held has no relation to how affordable a place is.
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Old 12-03-2017, 06:36 PM
 
Location: Laguna Niguel, Orange County CA
9,808 posts, read 11,076,122 times
Reputation: 7996
Quote:
Originally Posted by man4857 View Post
So then how do you make it more affordable policy wise?
I support a tax on foreigners buying in OC. My millennial friends made the case to me. For me it really revolves around it not being a fair market when it is so warped...and the children of OC residents having to compete with foreign buyers.
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