Millennials simply can't afford to live in OC (San Diego, Ontario: food, things to do)

[waltchan]

Originally Posted by krnboy1520

He is a Chinese real estate agent/investor that focuses on the Riverside area.

He has been praising the Riverside housing market for a while now without any real data to back it up. Just way too blatantly obvious. Are we allowed to advertise here?

I'm a musician and a singer, not a Chinese investor. User amokk is definitely an investor, for sure. He owns several apartments in Long Beach for rentals, according to his previous posts.

[waltchan]

Back on-topic:

https://www.msn.com/en-us/money/real...?ocid=msedgntp

"Income needed for home purchase..." ranked in-order as worst (at #9). Orange County's yearly median-income per person is $68,848, including many Millennials.

[Racer46]

Originally Posted by waltchan

Back on-topic:

https://www.msn.com/en-us/money/real...?ocid=msedgntp

"Income needed for home purchase..." ranked in-order as worst (at #9). Orange County's yearly median-income per person is $68,848, including many Millennials.

For many the problem is not the income, it is a 20% down payment so that their income will match what is necessary. If they can't do 20%, plus closing costs, etc., they must make more. For so many they need even more in come to pay college tuition debt as well.

[st3inwaygrand]

Originally Posted by Racer46

For many the problem is not the income, it is a 20% down payment so that their income will match what is necessary. If they can't do 20%, plus closing costs, etc., they must make more. For so many they need even more in come to pay college tuition debt as well.

Yeah that’s a problem for a lot of people that I know, in California and elsewhere. It’s not that they can’t make mortgage payments, especially since rent is often more expensive than a mortgage, it’s that they can’t save many 10s or even 100s of thousands of dollars for a down payment while also paying high rents and making a car payments and buying groceries and paying cell phone and internet and cable bills and getting groceries and getting things for your kids and also occasionally enjoying yourself and having a life, at least not in a reasonable time frame. Which means that the options for getting a house for the average young family making a nice upper middle class income are:

Be lucky enough that you can ask your family or friends for the down payment, which is just impossible for most of the population unless you’re willing to ask your grandparents to take out a second mortgage on their home or something which is kind of terrible.

Get a mortgage with a lower down payment, which either means having perfect credit or an exorbitant interest rate with a shorter term loan, or all of the above. My wife and I are lucky because we inherited but before we knew that was going to happen and we thought we would have to do the typical thing it seemed like with what we had for a down payment if we were going to be in any market pricier than mobile homes in rural Oklahoma, ie anywhere that a three-bedroom house that doesn’t need extensive rebuilding work cost more than 100 grand, we we’re gonna be stuck with a 15 year mortgage with a 25% interest rate. Nuts!

[Gaylord_Focker]

Originally Posted by waltchan

Yes, both UC Merced and UC Riverside (new campus built from ground-up at west side undeveloped land, if proposed) will be the two major powerhouse universities in California for the whole 21th century. UCLA will gradually become obsolete by 2040, due to its aging infrastructure. UCLA greatness will not last forever. Only Ivy League dominates.

This makes no sense at all.

[Gaylord_Focker]

Originally Posted by waltchan

Like this?


https://www.youtube.com/watch?v=g2QJ8F2QwVU

I've always wished UCR is like this too. Instead, it's a commuter university.

(These are REAL, genuine human beings, neither rich nor poor. Better than Irvine, in my own opinion.)

People do this at all universities. Even Harvard.

[wrcousert]

The average rent in Huntington Beach is $2211. Most landlords require an income at least three times rent, about $38 per hour based on 40 hours a week.

Think about it for a second. There are thousands of jobs that pay far less, but they provide services we use every day. Why would a burger flipper commute hours a day when they could get the same job close to home?

[FirebirdCamaro1220]

Originally Posted by wrcousert

The average rent in Huntington Beach is $2211. Most landlords require an income at least three times rent, about $38 per hour based on 40 hours a week.

Think about it for a second. There are thousands of jobs that pay far less, but they provide services we use every day. Why would a burger flipper commute hours a day when they could get the same job close to home?

That's a point that I've stressed. And it's a reason that Apsen, CO had to create public housing specifically for the people who work there, as they can't afford market rate housing, and the commutes from Denver and Grand Junction are life threatening during ski season

[Dub D]

Originally Posted by waltchan

Back on-topic:

https://www.msn.com/en-us/money/real...?ocid=msedgntp

"Income needed for home purchase..." ranked in-order as worst (at #9). Orange County's yearly median-income per person is $68,848, including many Millennials.

This is very misleading though. I literally checked Redfin and Zillow multiple times a day the last five months. My filters aren't strict, under 550k, over 1000 SQFT, 2 Bed, 2 bath, HOA under $400. I can do 20% down payment too. Only really old and property in not the greatest spots of OC and North SD county popped up. I earn quite a bit more than the 69K amount in the article and I've secured a loan at 2.875%.

Thing about OC condos and such, the HOA pricing is stupid expensive. Way more than SD HOA prices, by about $160 a month. Everyone complains about the property tax in Texas being high, at least you get some type of tax benefit for that. And if you need to pay 700k for a house here, guess what, the property tax will be about the same as a house elsewhere with a higher percentage. 1% of 700k and 2% of 400K is a 1k difference. HOA is straight up money out the window. So either you pony up $400 a month on a HOA or buy an older property. Then the home insurance rates get you when you buy an older property.

I'm moving to Austin at the end of this month. I'm in escrow now and should hopefully get done in two weeks. Other than the amazing weather (near the coast, which I can't afford to buy) what does OC have going for it?

[FirebirdCamaro1220]

Originally Posted by Dub D

This is very misleading though. I literally checked Redfin and Zillow multiple times a day the last five months. My filters aren't strict, under 550k, over 1000 SQFT, 2 Bed, 2 bath, HOA under $400. I can do 20% down payment too. Only really old and property in not the greatest spots of OC and North SD county popped up. I earn quite a bit more than the 69K amount in the article and I've secured a loan at 2.875%.

Thing about OC condos and such, the HOA pricing is stupid expensive. Way more than SD HOA prices, by about $160 a month. Everyone complains about the property tax in Texas being high, at least you get some type of tax benefit for that. And if you need to pay 700k for a house here, guess what, the property tax will be about the same as a house elsewhere with a higher percentage. 1% of 700k and 2% of 400K is a 1k difference. HOA is straight up money out the window. So either you pony up $400 a month on a HOA or buy an older property. Then the home insurance rates get you when you buy an older property.

I'm moving to Austin at the end of this month. I'm in escrow now and should hopefully get done in two weeks. Other than the amazing weather (near the coast, which I can't afford to buy) what does OC have going for it?

Jobs, amenities, opportunity