UCI

2002 PPIC Statewide Survey: December 2002
Special Survey of Orange County
Public Policy Institute of California
in collaboration with the
University of California, Irvine

Press Release
Survey Methodology
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Appendices
2002 Survey
Survey Advisory Commitee

University of California, Irvine
2002 UC Regents

Real Estate Market

While stock market values have fallen, and Orange County median home values have climbed in the past year, a large majority of county residents see the purchase of a home in Orange County as an excellent or good investment.

Among homeowners, 82 percent think that buying a home in the county is an excellent or good investment; 11 percent say it would be a fair investment; and only 6 percent think it would be a poor investment. This positive assessment by homeowners is unchanged from a year ago, and the scores in the past few years are significantly higher than in the early-to-mid 1990s.

Among renters, 73 percent now believe that buying a home in the county is an excellent or good investment (up 3 points since last year); 15 percent consider it a fair investment; and 11 percent think it would be a poor investment. Over the past two years, renters have become much more bullish on the value of buying a home in Orange County than they were throughout the period from 1993 to 2000. In fact, renters now more closely resemble homeowners in their views on the value of owning a home (73% to 82%). Previously, renters were much less likely than homeowners to say that buying an Orange County home would be an excellent or good investment.

As for regional differences, homeowners in the South County (86%) are more likely than homeowners in the North County (80%) to say that owning a home is an excellent or good investment. Renters in both regions are nearly equally likely to say that owning a home in Orange County would be an excellent or good investment (North, 73%; South, 74%).

Interestingly, Latinos (81%) are as likely as whites (79%) to rate buying a home in Orange County as an excellent or a good investment. This is despite the fact that whites are almost twice as likely as Latinos to own a home (70% to 37%) and that homeownership itself generally fosters a somewhat more upbeat assessment of the value of buying a home in Orange County.

"Do you think that buying a home in Orange County is an excellent, good, fair, or poor investment?"

 

All Adults

 

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

Homeowners

                   

Excellent / Good

59%

57%

50%

60%

70%

75%

75%

75%

83%

82%

Fair

26

28

31

30

23

18

19

18

11

11

Poor

14

14

18

8

6

5

5

5

5

6

Don't know

1

1

1

2

1

2

1

2

1

1

Renters

                   

Excellent / Good

53%

47%

41%

45%

56%

61%

56%

57%

70%

73%

Fair

25

30

32

34

29

25

27

25

17

15

Poor

20

20

25

17

9

12

13

15

11

11

Don't know

2

3

2

4

6

2

4

3

2

1

Source for Orange County from 1993 to 2000 is the Orange County Annual Survey at UCI by Mark Baldassare and Cheryl Katz.