The median home price in Orange County reached $1 million last month. It's now the first Southern California county to ever hit that pricey mark and underscoring just how expensive the region has become.
COVID-19 unleashed new demand for homes, made the well-off wealthier, and fueled extreme bidding wars. The result? The $1-million home is everywhere.
The $1-million home boom has been driven by several factors. An intense shortage of housing has sparked brutal bidding wars that push prices. Investors are also gobbling up more homes to flip or rent out, accounting for roughly a quarter of Southern California home sales. If borrowers put 20% down and had minimal debts, they had a very good shot at getting a loan for a $1-million house if they made at least $150,000 annually.
By the fourth quarter of 2021, the median price of an existing single family house had already surpassed $1 million, according to the association’s calculations, and 17% of Orange County households could afford it.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Daily COVID infection numbers in Orange CountyThe county has 30.3% of its ICU beds available, according to the Orange County Health Care Agency.
Les mer »
Mayor Adams announces nearly $1 billion investment toward making NYC streets saferThe money will be used over the next five years to help create a more bike-, bus- and pedestrian-friendly city.
Les mer »
Lottery winner says ‘mistake’ led to $1 million prizeJosh Buster believes a mistake at a local convenience store made him a millionaire.
Les mer »
Iowa man wins $1 million in lottery after cashier made 'mistake'Josh Buster said that when he asked a West Burlington convenience store clerk for five easy-pick plays for Friday night's Mega Millions drawing, he initially received only one play from the lottery terminal.
Les mer »
Code Orange Were Born to Be Coachella MisfitsThe hardcore veterans in Code Orange were likely the biggest outliers at Coachella 2022, which is just how they like it.
Les mer »