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Housing Although property values have declined in the 1990s, six in 10 homeowners still consider buying a home in Orange County to be a sound investment. Seventeen percent say buying a home is an "excellent" investment, while 42 percent say it is a "good" one. Twenty-six percent of homeowners say a house here is a "fair" investment, while 14 percent call it a "poor" one. One percent are unsure. The views of renters are similar, with 53 percent saying an Orange County home is a smart investment. Fourteen percent call it an excellent investment, while 39 percent say it is a good one. Twenty-five percent say fair and 20 percent say a house in Orange County is a poor investment. Two percent are undecided. Those with larger mortgages are more optimistic about Orange County real estate. Twenty-two percent of homeowners who pay more than $1,500 a month call it an excellent investment, compared to 19 percent of those paying $750 to $1,500 and 12 percent of those paying less. Residents aged 35 to 54 are less likely to be positive about buying a home in Orange County (52%) than are younger (58%) or older (64%) residents. Optimists outnumber pessimists across regions, with 60 percent in the South, 58 percent in the West, 57 percent in the North and 53 percent in the Central County saying that buying an Orange County home is at least a good investment today. Fifty-two percent of those earning under $36,000, 63 percent of those earning over $80,000 and 61 percent in the middle-income group are positive about buying a home in the county. As for housing costs, both mortgages and rents are basically unchanged from last year. The median mortgage payment is now $940, and the median rent is $740. In 1992, the median mortgage was $900 and the median rent was $720. In fact, there has been little change in housing costs so far this decade. Today, 63 percent of homeowners and 49 percent of renters pay more than $750 a month. Forty-six percent of homeowners and 19 percent of renters pay more than $1,000 for their housing. These figures also show no change from 1991 and 1992. As in the past, housing prices continue to be higher in the South County, where 64 percent pay more than $750 a month in rent and 76 percent pay more than $750 in mortgage. Elsewhere, 44 percent pay rents of more than $750, and 56 percent pay mortgages above that amount. The median South County mortgage is $1,100 a month. The median mortgage in the rest of the county is about $850. These figures are all unchanged from 1991. Younger people also continue to pay more for their housing. Seventy-seven percent of 18- to 34-year-olds pay more than $750 a month in mortgage. In the 35 to 54 bracket, 78 percent pay that amount, and among those over 55, only 25 percent pay mortgages over $750. Rental payments of $750 or more are much more common among those aged 35 to 54 (60%) and 18 to 34 (44%) than those 55 and older (37%). The rate of homeownership is unchanged over time. Sixty-two percent own their homes, and 38 percent continue to rent. Forty-five percent of residents under 35 are homeowners, compared with 68 percent in the 35 to 54 age bracket and 85 percent of older residents. Sixty-eight percent in the South County are homeowners, compared with 60 percent elsewhere in the county. Forty-one percent of those with incomes below $36,000 are homeowners, compared with 85 percent of those with incomes of $80,000 or more and 65 percent in the middle-income groups. |
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