Home ownership remains a big part of the American dream for most people and families in the U.S. and here in California.
However, during this challenging economy time the past decade, number of those renting vs. owning a home has grown here at Orange County, CA.
Costa Mesa has the largest group of renters at 60.4% of its almost 40,000 housing units. Los Alamitos at North OC had 53.3% of its 4,200 housing units renter occupied. Santa Ana had 52.4% of its housing units renter occupied, and Anaheim had 51.5% of its housing units renter occupied.
This increase in number of Orange County home rentals (vs. ownership) resulted from housing market instability, lack of affordability for some, unemployment for others, and increase in foreclosures.
40.7% of Orange County’s 993,000 occupied housing units were rentals during 2010 (which is up 2.1% vs. prior decade).
Some Orange County residents who rent homes now are financially stable and qualified to buy.
With current outstanding and low mortgage rates (less than 4.5% on 30 year fixed-rate loan up to $417k), lots of homes to choose from, and trusted FHA government loan programs, now could be an excellent time to consider switching from renting to buying a home.
This is based upon some information from OCRegister.com and U.S. Census Bureau.
Harrison K. Long – solutions for real estate and business – REALTOR® and broker associate, GRI – Coldwell Banker Residential Brokerage – 949-854-7747 (phone) – ExploreProperties@gmail.com (email) – CA DRE 01410855 – SFR short sale and foreclosure resource certified by the National Association of REALTORs® – also now serving as a director at California Association of REALTORs®.