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Housing These numbers are unchanged from last year, when 17 percent of homeowners called buying a home here an excellent investment and 42 percent called it a good one. Renters are somewhat less optimistic. Fewer than half say a home is a smart investment, including 9 percent who say excellent and 38 percent who say good. Three in 10 say it is a fair investment and 20 percent say poor. In 1993, 53 percent of renters said an Orange County home was an excellent or good investment. There are no differences by region, income or age in perception of Orange County housing as a good investment. Housing costs remained stable in the past year, as they have throughout the decade. Today, the median mortgage is $900 and the median rent is about $750. Six in 10 homeowners and 51 percent of renters pay more than $750 a month for their housing. Renters pay 29 percent of their median income on rent, while homeowners spend 19 percent of their median income on mortgage. The South continues to be the county's most expensive region for housing. Sixty-five percent of South County homeowners and 72 percent of renters pay more than $750 a month for housing. Elsewhere in the county, 56 percent pay mortgages of more than $750 and 43 percent pay rents over that amount. By age, 79 percent of 18- to 34-year-olds pay more than $750 a month in mortgage, compared to 74 percent of 35- to 54-year olds and 23 percent of older homeowners. Among renters, 50 percent of 18- to 34-year-olds and 54 percent of 35- to 54-year-olds pay more than $750 a month, compared to 42 percent of those aged 55 or older. The rate of home ownership is unchanged, with 63 percent owning and 37 percent renting. Fewer than half (44%) of 18- to 34-year-olds are homeowners, compared to 69 percent of 35- to 54-year-olds and 80 percent of older residents. These numbers are the same as in past years. Home ownership is highest in the South (69%) and West (65%), and lower in the North (61%) and Central County (54%). Only 35 percent of those earning less than $36,000 own their homes, compared to 72 percent of those earning between $36,000 and $80,000, and 82 percent of those earning more than $80,000 a year. With the past two years showing no growth in income and no rise in housing prices, we examine the profile of those who moved into the county during this time. The South has the greatest proportion of recent migrants: 42 percent of those who have been in Orange County two years or less live in the South County, compared to 29 percent of residents who have been here longer. Recent residents tend to be less affluent: 41 percent of those who moved here from outside the county during the past two years make less than $36,000 a year, compared to 35 percent of those who have been here three or more years. Sixty percent of recent residents are aged 18 to 34, compared to 35 percent of those who have lived here longer. And 71 percent of those who recently moved into the county are renters, compared to 34 percent of those who have been here three years or more. Over time, South County has increasingly become the destination for new migrants. In 1990, 33 percent of those who had moved to the county in the past two years lived in the South County. The number of longer-term residents living in the South County, meanwhile, has held relatively steady. New residents also were somewhat more affluent previously -- in 1990, 31 percent of recent residents earned less than $36,000, similar to the 29 percent of longer-term residents earning that amount. There are no differences over time in age or rates of homeownership. Those who changed houses in the past two years were also more likely to locate in the South County: 37 percent of those who recently moved to a new home live in the South County, compared to 28 percent of those who have lived in their homes at least three years. Those who changed residences within the past two years are far more likely to be under 35 (53%) than are those who have been in their current homes at least three years (30%). And 47 percent of those who recently moved to a new home earn less than $36,000 a year, compared to 30 percent of those who did not move recently. The trend of an increasing number of recent migrants going to the South County also holds true for recent movers. In 1990, 33 percent of those who had recently changed homes lived in the South County, and in 1986, 27 percent did so, while the number who have been in their homes three or more years and lived in the South County has held steady. There are no significant differences by age or income over time. Chart 1: Orange County
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