I think a lot of buyers are leveraging their previous homes. My lenders told me they also see lots of parental gifts lately. I don't think the average payment ends up being 7k.
I bought mine by selling my other. The person who bought my old one was 1) a doctor and 2) had a huge "gift" from daddy. She put 60% down!
Definitely this. Larger down payment equals more reasonable monthly payment. Having equity in a home is good way to build a bigger down for a better house. But obviously people with parents who have money will be able to help with mortgages or help drastically lower the cost.
I’m from San Diego and the last couple friends I knew that bought houses did so because they bought condos or homes in 2010-2012 for $250k-$400k and sold them for $500k-$800K now and bought houses close to a Million. It helps coming in with so much extra cash. Otherwise someone just raw dogging it for the first time can’t afford an $800k home here. Even starter homes that need gutting are $650k-$700k.
I tried my best to avoid anything inland, because I enjoy coastal, living and weather. I couldn’t imagine myself sitting on the 91 trying to go to the beach or to get home. That corridor is just ass. Last year, I ended up moving to North County San Diego. It’s been one of the best decisions I could’ve made. I’m closer to the beach than when I lived in Irvine. I do miss the variety of Asian food, I could find in Orange County, but I’m still within driving distance to both Irvine and Kearny Mesa, another Asian food haven.
Not sure how far you are from Convoy, but when we last visited SD, our friend drove us around Convoy and they have some great Korean and Japanese options. He said it’s one of SD’s hidden gem locations for Asian food!
Well the affordable parts of Include, Oceanside, Vista, San Marcos, Escondido and Fallbrook. I went with Oceanside as it is definitely transforming into a very nice beach town. Im on the north side of town off the 76 and less than 3 miles from the beach. With your salary, you can get a a nice condo near the beach or a small home further inland (but not IE inland lol)
I hate to break it to you but you and all the others fleeing OC are creating the same problem for us here in the IE that you’re escaping from. Except it’s exponentially worse here because every acre of open land is being developed into a warehouse here so our housing options are extremely limited and get exponentially more expensive year over year.
Hell, I just saw a 1 story 3 bedroom 2 bathroom house (old but recently renovated) in Apple Valley for $530k. Standard, non luxury 2 bedroom condos in Ontario sell for over $600k. Even non luxury 2 bedroom apartments in Palm Desert rent for over $2,500.
I understand it’s the cycle of life in desirable areas such as Southern California because the same thing happened to Orange County. All the non beach cities used to be where those from LA fled to when it became unsustainable in LA. But it still sucks to be living through the gentrification in real time. Especially being in my late 20’s and making what should be a livable wage (~$80k).
This is hilarious, the IE is the IE, that's for sure.
I grew up in the IE. Moved to Colorado for a job where the cost of living is just about the same (except maybe gas). At this rate I'd rather move back to California and rent something near Orange or maybe a bit further west.
With that said, I'd also move back to the IE in a heartbeat given the right circumstances just to be that much closer to the coffee, culture, and coast.
There’s some home for sale on Green River. I did consider those but I know I can’t handle the drive to Irvine.
It’s also in a wild fire zone so I was quoted $3,500 for insurance.
We do have a few offers in OC and hoping one does go through and unfortunately our parents will not be gifting us cash for our down payment so we will be house poor. I’m planning on dumping my bonus into the principal twice a year and recast the loan if rates have not improved otherwise we’ll refi.
Don’t give up! Are you able to consider a co borrower to increase your buying power?
I was just in Colorado this week. The cost of living is not the same at Orange County. Not even close. You can’t buy a brand new 4 bedroom house here with a basement apartment for 600k.
Like, it’s so much cheaper I’m now debating going to Colorado.
What most people don’t realize is that it’s temporary (if they choose to). I moved to IE from another country a few years back, had the opportunity to purchase a new home with the 5% down payment, sacrificed mortgage payments for 1 year by working 6 days a week (it was a total pain but so worth it) then got it rented out (I undercharge my tenants for rent so I’ve had the same tenants ever since). While it was getting rented out, I moved back to the country I originally came from. 5 years later the value increased & I was able to take out my home equity to put a 20% down payment for a bigger home in Diamond Bar. It’s not the OC but I love how central it is between OC & LA. It’s also been insanely safe & somewhere one can raise a family.
Most people wouldn’t sacrifice that initial move to the IE with lower mortgages and lower monthly payments & isolation esp a few years back… yes it’s insanely hot in the summer & there isn’t much to do other than shop or if you really need to, take the 241 to Irvine & avoid the traffic. Though instead most seek the instant gratification of living where they want to live & end up sacrificing their finances by trying to keep up with a lifestyle they’re not ready for YET.
Yeah, everything here really comes down to your willingness to sacrifice your money or your comfort. If I was going to move back to California and was looking to buy on my current income, I'd be forced pretty far east or I'd have to buy a condo. And I'd be willing to sacrifice a bit more money to live more comfortably. But California isn't for everyone and I totally understand that.
I thought I could do the IE to Irvine commute. But even with the 241 and FasTrak, I don't know that I would ever do that kind of commute again (\~2 years of that) unless I was being paid for the drive time. I'll still gladly do that drive when I visit my parents and am craving Coffee Dose, Buenos, or MoonGoat. As you can see, coffee is my number one priority haha!
It really comes down to what’s important for you then. Is moving away from your job, family and weather worth being able to buy your own home in a more affordable area?
Also, try more inland. Still within driving distance of the coast and family, and job while being more affordable
If you're looking inland and close check out Corona Hills. It's in Corona and slightly warmer then OC but it's the closest I've found to living in OC. It's not cheap but less expensive that OC.
Another place to look at is Temecula, technically closer to San Diego than OC. It's cooler than most of Riverside county because as the bird flies (over Pendleton) it's only 25 mi from the ocean.
Are you sure about the weather? I grew up in Murietta, which as I’m sure you know border Temecula and summers were brutal. Regularly reaching 100°. Now that I’m in Orange County it’s so much cooler.
This! I will say the newer developments in Corona/Riverside area are super nice. The IE has really built itself up in recent years and may be a good alternative while the housing prices out there are still fairly reasonable.
Did you consider that the circumstances surrounding the affordability could be temporary? Changes in the macro environment, or changes in housing policy, could benefit you. To me, the wild swings in home prices for the past few decades look a lot more like how equities perform than slow and steady investments. But of course, this perspective requires the patience of a saint, and we have one life to live.
> Changes in the macro environment, or changes in housing policy, could benefit you.
Or they could hurt, such has been the case for the last 5ish years.
Me too, and I moved out of OC for the first time in my life 1-2 years ago. Moved to San Diego, no regrets lifes different and better elsewhere in my opinion. Good luck Ma’am/Sir
Also you make less than $190k you should be eligible for some grants if you look in low to moderate income area. Approx $20-30k. We didn’t qualify but I hope that helps you
While buying a home is supposed to be "an american dream" it is no longer possible for many people. We own in a neighborhood on the coast that we could not afford to purchase now. There are homes in our neighborhood that have been rented out for less than the purchase payment would have been today. These people who rent have 2 porsche's, travel extensively and live an upscale lifestyle (example). Things many people in this neighborhood cannot do that purchased a home. It is not always necessary to own a home.Your lifestyle and daily living experience is what counts.
This is OPs home-born & raised. That counts for more than only! Unless I’m missing a joke…?
I’m sorry it’s gotten outta hand OP. Very frustrating. Hang in there. Not easy to start over when you are only motivated bc it’s gone crazy here
Communities should be not intentionally disenfranchised with high costs of living. We have a right to the communities that we are foundational to. We need to overhaul this wretched govt and create something new.
You sound young enough to go look around a bit.
There is a lot of value in living in other places for a while.
BUT don't just go somewhere half-cocked. Look around. A lot.
Make certain you have a job lined up before you go. A better job. Really look at your options for places and try something new.
Go for it. Prices in OC are going to do what they do. Why not move somewhere for a while and come back later. Many, many people do it. OR maybe you'll find that living in the Orange Bubble really wasn't for you. Perhaps living next to the rocky mountains would be great.
Or living in an actual city. If you question that statement then you really don't know what a city is. ---- as an aside I'll note my favorite description of LA --- 28 suburbs in search of a city ---- so, LA aint it.
Maybe you can find a job and a condo in Chicago and enjoy real city life in a city with weather for a few years. Build up some equity and come back ready to settle down -- or not.
Boston is a really neat city, too.
Anyway. If you are uncertain what to do, then start doing all the planning and visiting new places like you are going to move. Have that in your pocket as an option. Know what places might be great for you. It'll be an emotional boost even if you never move. A person is "trapped" if they can't go anywhere. Right now going somewhere is daunting because you are too far from an actual plan. If you get a lot of the legwork going right now. If you know where your industry is growing and has salaries and benefits that you want. If you know which of those places seem pretty great. Then you aren't trapped. You are making a choice to stay or to go.
Good Luck. Enjoy the process.
if OP is complaining about the col here they would have a terrible time in Boston. That's where I lived before moving down to OC and, even though it has been quite a few years now, my life here started much cheaper than it was there. Boston is a beautiful city that's cold half of the year and extremely expensive to live in.
Same. I moved from boston to OC a few years back and both areas has STUPID col’s.
I moved back to boston for work a couple months ago. Believe me, if OP is getting smushed by cash buyers in socal, he/she will face the same fate in Boston.
This is going to sound insane, but seriously maybe go check out some Midwest cities too.
Cincinnati, Cleveland, Columbus, Pittsburgh, Kansas City, etc. all pretty great, lots going on in a metro setting and fairly cheap.
Born and raised in oc. Moved to Chicago a year ago for a job opportunity. My wife and I agree that the only thing we regret is not doing it sooner before we had kids. There's so many fun things to do. The food, The walkability, the lake. It's great. Having all 4 seasons is fun too. Especially in the city where the snow is handled for you. And nearby cities (we've done trips out to Milwaukee, Holland, and apple picking all around rural Illinois and indiana) all have their own charm too.
I love OC, but love chicago too. If you can find a job that pays similar (especially if you are young) then I'd highly recommend moving here.
Used to be in the Palmer Square Park area in the early 2000s. Loved the neighborhood and the diversity it had then between a mixture of peoples ranging from white collar, blue collar, young single people, older families, younger families, professionals, students, etc...Wonder if it's still the same or if it's been more gentrified nowadays.
Born and raised in OC, in my 30s now. My husband and I moved out of state last year after careful consideration. The life we wanted to live (house, kids, an occasional vacation, and savings) was just not possible in California anymore. It was heartbreaking to leave the only home I’ve ever known and leave my entire family behind. Now, after over a year after the move, I’m so glad we did it. Cost of living is significantly less. We bought a beautiful home to grow our family in. We’ve adjusted quite well and will never go back.
Good luck, OP! This is tough! Leaving sucks! But life can be good away from OC :)
Colorado! I recognize this is not the cheapest option compared to the hundreds of Californians migrating to AZ, TX, etc. However, Colorado felt the most homey to us and we could keep up with our outdoor hobbies. It feels like night and day compared to OC in day to day costs of living.
Thanks to private equity, there's no place to leave to.
Until laws are established to limit their monopolization of neighborhoods it will be like this.
I assume you've looked into resources for first-time home buyers, including county resources. Where are you looking in OC? Irvine is notorious for all-cash buyers, but other areas in OC might not have so many of them.
Huntington, Costa Mesa
I've looked at resources. I'm kind of a weird middle spot where I'm not poor enough to get a low income benefit and not rich enough to buy outright.
You’re looking in very expensive areas. Try something like Fullerton or La Habra. It’s not super far. It sure beats moving somewhere awful like Idaho or Texas.
That’s not really true, there’s plenty that sell below $1m and are going above asking. Go on Zillow filter <$1m and sold and go through the list you’ll find tons of homes that were in the $750-925k range
> Huntington, Costa Mesa
I was in your shoes last summer.
I wanted to move back to OC after living up in Playa Del Rey for 3 years and my initial goal was Huntington as I'm from there.
My wife and I kept getting outbid in the 11th hour and then we looked at Garden Grove and were able to get a beautiful home in a nice neighborhood, plus I'm only about 10 min from where I grew up.
Point is, look at places you might not consider - OC has a lot of nice places :)
Any city near the beach is going to be a draw from all kinds of investors. There are way more affordable cities that still aren't too far away from the beach -- Westminster, Fountain Valley, Lake Forest, Mission Viejo. Then a little further away from the beach you have some good options -- Garden Grove, Orange, Fullerton, Tustin. I'm sure there are more.
Costa mesa is ripe with developers at the moment. Anything "affordable" is getting flipped.
I recently went all in on a house. I had to outcompete 7 cash offers. At the time I thought I way way over paid. 8 months later it looks like I got a steal. Costa mesa is insane
Eta... within half a mile of me there are at least 4 houses that went to bigger developers. At least 2 of them are getting their larger plots divides for luxury units with adus... so they are being bought by investors and likely will be bought by investors again. Crazy
Couple things:
1- If you move out of state it is almost impossible to come back. Appreciation here is a lot higher than in other states, so while you might be able to build equity out of state it won't be enough to allow you to come back and buy here. I know that because I have family that move out of state and are in the same boat.
2- Are you trying to buy house (SFR) in OC on a $120K income? That's not doable in today's market. Start with a condo and build your equity over a 10-year period, then move up to a house when your situation improves.
3- Look in other area of OC (Anaheim, Fullerton, Lake Forest, RSM to name few). Or go inland to Corona or Chino Hills.
With how high the prices and interest rates are; homes aren't selling as fast as they used to few years ago. If you broaden you search and start small you will find a decent condo in a decent area. Good luck.
Husband (m 41) and I (f 40), moved in with my parents for -six whole years- to save up for a down payment. Thanks to this, we were able to move into a 1,080' condo in Trabuco Canyon almost 3 years ago....
A condo works for us because we are childless, with only one small dog. I WFH majority of the week -- we use the 2nd bedroom as an office.
Spending a good chunk of my 30s with my parents wasn't the highlight of my life, but (purchasing into) the OC even with a decent income --- it's just so difficult, especially when the majority of money is being burnt on rent.
We decided to stay in the OC, because my parents (Laguna Niguel), and his entire immediate family live here (RSM).
We both grew up in the area.... Love the weather, and variety of food, people, and activities....
Hopefully we'll be able to move into a single family home eventually.
Good luck to everyone struggling to get their foot-in-the-door of home ownership in the OC, it's truly an uphill battle.
Pretty bad to be honest, I've tried applying to several other companies in the area for a salary bump but had no luck. Lot of layoffs and freezes in tech.
Yeah definitely, it nothing like it was back two years ago. On the bright side you're employed and are able to rough it through the layoffs. Do you live with family or were you trying to buy bc you were renting?
If your parents own a home and have a backyard, you should ask them if you can build an ADU in their lot. That's really the only way people who were born and raised here get to have a home.
Tbh, living in OC is incomparable. I only realized that after spending a considerable amount of time away from OC.
Don’t stay because you feel obligated to x,y, and z. Resentment is a real feeling that can spoil even the best. Go out and check out what the world has to offer and if you don’t find something affordable then you can always come back
Could you buy a townhome or condo in OC? Those appreciate quite a bit too and then downline buy a single family home? That’s what we did and it still took awhile to finally get an offer accepted on a house, it’s competitive out here. Don’t get discouraged if you really want to stay!
I feel your frustration and I think it sucks. I worry about my kids being able to afford a home here. $120k is a really solid income anywhere else and for one person you should be downright rolling in money! I agree that the cost of homeownership is ridiculous (and I’m a realtor). I don’t know where your job is, but Oceanside is a really affordable alternative to Orange County and you still get the great weather vs going inland.
You can get a little $500k 2-1 house down in oside and then rent out the other room till you can comfortably afford the mortgage or refinance down the road when rates come down a bit.
With that said, it’s actually more affordable to rent vs buy right now. Save your extra money and invest it!!
Dont give up. The grass isn’t greener in other states. Trust me (I’ve moved 15 times/ lived in 5 states and 5 countries).
I make 100k more than you and am still renting. There is nothing wrong with it… in fact, buying is not a great financial move right now. You can build wealth much quicker renting if you invest the difference.
I've been priced out of OC too, I recently got a place in Temecula I'm going to move to. It's cose enough to OC that I still think I can see my friends. When I was growing up around here, the idea I had of Temecula was a backwater shithole, like picturing a tiny town. I was almost overwhelmed with how built up it has been as of 2024. The Mall seems better than the Malls I go to in OC, and there are more stores of stuff I'm interested in - anyways I'm really excited to start life there. Housing was way more affordable, and I think I will still be able to enjoy CA weather and stay in close contact w friends and family.
I lived in Temecula for about 2 years and the weather is not comparable to OC. It’s basically a desert climate so the summers are super hot and the winter nights get quite cold. The Santa Ana winds make the summers quite bad, and on windy days the wind feels like you’ve opened the oven door and just got blasted with the heatwave. Don’t bet me wrong, Temecula is a very nice city but you pretty much end up stuck inside most of the time during summer because you can’t enjoy going out during the day.
You add your name to the list. It goes in order for primary home purchase. For investments I think they accept 10% per phase. That’s how I bought my house. I added my name to the list in 2021 in April. I signed in September. House was built in April 2022. When you sign you lock your price in. Deposit was 20k.
The cheapest homes are lapis. It’s a condo.
https://calpacifichomes.com/neighborhoods/lapis/
I am priced out too! I just moved to North Cal. 400k buys you what 1.5 million gets you in Orange County. I lived in OC/ Southern CA my whole life too! OC is an amazing place to live. But I was tired of never having money to go anywhere because of hi col. if you are outdoorsy then there are a lot of things to do. If I want to do big city stuff then I have to venture into Sacramento or San Francisco.
Get your parents on the mortage, and you pay the mortage. Get a 3 bedrooms condo, then find 1-2 roommates on Zillow etc. That’s how I did it purchasing a condo back in 2017 in irvine.
Just thought of something! You want to be not far from the beach. Have you looked into San Juan Capistrano! I think it is such a neat town, they are doing a lot of new construction around there, and there are also some older smaller houses in that area. It isn't far from the beach at all. You might want to check out [926oc.living](http://926oc.living) for good information on developments going on in South County. Just checked Redfin, and there are some very affordable small condos there within walking distance of the good restaurants. And you'd be about 10 minutes away from Dana Point or San Clemente.
If I had extra $$ to invest, I would invest in San Juan Capistrano. Very cool restaurant scene (including best bbq in OC,) awesome train station with access to a bunch of places including LA, San Diego, and Irvine, beautiful mission, and investment money for nice new apartments/condos being dropped as we speak. Ten minutes from beaches and a short trek to Newport or Costa Mesa up the five then the 73.
I left OC 11 years ago & don’t miss anything about it. It’s too crowded, too expensive, too much traffic, & it’s not the same OC when I grew up in the ‘80s & ‘90s. Yeah, the weather is almost perfect, but outside of that I see no advantage anymore to living in OC.
I moved to Minnesota, where my dad is originally from. The Twin Cities have their own issues (ie George Floyd event & the riots after). I live away from the cities though in a small town (around 5000 people). I bought a 3-bed 3-bath house with a workshop on 1.5 acres for $400k in late 2021. My kid can play outside without me worrying about a single thing. There’s room to breathe. I’m close enough to the cities where I can go get a taste of “culture” or go to a sporting event anytime I want. Yes, there’s the winters & not everyone can handle it. I’ll admit I’ve struggled through some of the tougher winters, but at the same time experiencing seasonal changes is fun. At the end of the day, it’s just more affordable to live here. I had a 1200 sq ft townhouse in CA that now probably costs twice as much as my 1.5 acre property. Not to mention gas prices, currently $2.93 as of yesterday. As a side note, I love taking roadtrips. From Minnesota, the rest of the country feels so much more accessible. I’ve driven to Tennessee, Texas, & Chicago for family events that I think I would’ve said no to because I would’ve had to hop on a plane, & airports are the worst IMO.
Keep at it. My wife and I were very fortunate to get our condo in '18 on our first offer. Last year, we went thru countless losses against cash offers or offers 100-150k over asking before a house that fell out of escrow called us back to see if we were still interested. It took 6 months of offers and open houses. Summer is also the worst time to look. Fall/ winter are less competitive, but not by much.
No one will fault you for leaving. Happens everyday. Losing your support system is the hardest part about leaving.
Do you have a patient and experienced realtor? In my opinion it helps with the purchase. Not a plug but I’ve seen my wife do some cool shit to get her clients a home. One time she wrote a beautiful letter to the owner and agent, successfully getting the home. Also, I’ve heard her talking with agents and building a relationship helping to put them in a favorable position as a candidate for the purchase. I know it’s frustrating but if you wanna really live here just be patient. It’s worth it. Cheers!
Where would you go? Years ago we left Los Angeles for Kansas. Bought a house for under 200K, but it was in Kansas. Kansas sucks. In case you didn’t know. All the cool places are super expensive, and you won’t make the same salary that you make here. Trust me, you don’t want to end up in Kansas.
Hey grass isn't always greener. I moved to the Bay Area from OC back in April. CoL is much worse and frankly weather isn't as good. I'm spending over double what I spent in OC. Sure the job pays better but in the end I miss OC. I still have friends in OC tho but I'm not from there originally.
I moved out to the DC metro area about a month ago and there are some nice townhomes going for $700k in the Fairfax area. Further out from DC it gets even more affordable (or homes get larger).
You can take the metro into the city for a few bucks on the weekend, and lots of jobs open up if you can get clearance. Lots of big govt contractor companies have a presence here.
Gas is $3.50, 1 BR apts go for $2k, 2BR for $2.5k. I feel like I can breathe a bit more out here. Weather is erratic as hell though. It went from heavy rain to pleasant to warm and humid within 36 hours quite a few times before labor day.
Oh, and people drive slow AF everywhere!
Wait it out rentals are 30-50% cheaper this market should’ve been booming in this summer market yet it’s stagnant. Get a long term lease with the ability to sublease or look up legal ways to opt out of one (get creative) IE is soulless don’t do it.
You should buy a house here but have roommates to share the costs. Then later when your income increases you can live alone. I would rather have roommates and living in nice weather near the beaches than living alone in desert weather
Okay, I'm old, in my 60s. Born in LA and raised in Orange County. For younger professionals who want to have the California dream, you had better be making bank and have the discipline to save money! If you are willing to not be flashy and trendy, It's possible to make it here. But being young and trying to keep up with the neighbors whose parents are propping up their lifestyle, it's very difficult to make it on your own. If you choose to leave, understand it's difficult to re-enter the California real estate market. Study states, income vs. taxes, and real estate markets. If your plan is to return to California, make a killing in your new state and save, invest, grow your wealth. Hopefully, you will choose a state that has no income tax. When re-entering the California market, make it an investment property. Live 6 months and two days in your income tax free state, or appear to. Life will be good. There's always a way to have your America dream. God bless.
It says your a mech / aero engineer. Go to Huntsville AL, aero is booming there and it's growing like crazy. I'm an ME and came down South to the oil/gas area. Came here 1 year ago and have a home plus a rental home now, beaches beat the fuck out of OC beaches....best choice I made.
If you wanna stay but need a roommate I'm looking to move to Newport in July - DM me if you're interested in staying and going half in on an apartment with someone. I'll tell you about myself when we chat 🩷 if not best of luck wherever you go!
We love OC. That said, if we didn't luck out in 2016 with our current place, we'd probably be looking at alternatives. We get by on dual incomes, but buying a place—even a condo or townhome—is tough unless you have family help. It was already challenging in 2016, but with current interest rates, it's even harder now.
Check out Sacramento. The weather isn't as nice, but it's not horrible either. Really fun town for 20-30 somethings that like to go out. 2 hours to ski. 2 hours to SF/Oakland. Plenty of fun neighborhoods if you can't be right in midtown.
I used to live in HB and yeah, get a house somewhere else like the Carolinas or Tennessee. Much more affordable and you might actually see snow sometimes.
I’m in the same boat as you. Make about $130k in the IT industry and while all my friends back home (on the east coast) have been buying their first house, I do not see that for myself here.
I moved here for my boyfriend about 8 years ago and we just rented a place in Costa Mesa. I love it out here and don’t think I want to live anywhere else. Unfortunately, I’m by far the breadwinner in my relationship and with the way mortgages are going, I don’t know if I will ever be able to afford a house here. Slowly accepting it, maybe renting is not all that bad 🥲
Well, we lived in Laguna Niguel 10 years ago for 3 years. We now live in Sarasota, FL. Just go back from a 2-week vacation in OC. Stunning weather & beauty...better than I remembered. Yes, expensive but absolutely lovely. Sarasota has been a hot spot to move to over the past 5 + years but you can't compare it to OC. Not even close. The heat, humidity, bugs, grouchy NE retirees, etc. We are considering going back to OC because our house has doubled in price the past 3 years. Probably the only way we could afford to return. So, understand the challenges for sure.
Loved OC and never thought I would leave. Things changed so I moved and couldn’t be happier. I get to visit often and that’s enough for me until OC presents the same opportunity it did when I was younger
I’m in the same boat like you OP.
I’m also at 120k (little below) and rent a room at my mother’s home. Also still driving my college car from 2015 lol.
I think the best solution for us OP is to have a dual income either by overemployed or having a partner ready to share expenses. If not, then California is priced out for us to be honest.
I checked out condos and one bedrooms are in the 400k range—that’s not worth it. A 2 bedroom has more value when it comes to selling but the 2 bedrooms are too pricey
If you leave, leave California. That's my opinion and others will disagree.
But it's still very expensive to live in the inland Empire right now. Or any other part. If you're going to leave, you might as well go check out the other states for a while and save a lot of money and maybe you'll come back one day.
I will know, that I left California and came back. So it's not impossible.
You need a spouse, with double income you’d likely be able to buy in OC. My husband & I got priced out of the OC market and bought in Corona, hoping to build equity and get back to the OC sometime in the future
Try somewhere new where you can actually “live” instead of just surviving in OC. What do you have to lose? I moved to ATL and hated it. Moved to Tampa next and loved it. Got a small house on a canal that lead to open water. Why? Because i could and it would never be achievable for me in OC. Had to leave FL to go back to OC to be closer to aging parents etc. but god i wish i hadn’t. OC has changed a lot and it gets more pretentious, expensive, and fake every year. Try the Sierra region or a more rural setting. Or head to the midwest.
I have a huge advantage over most in that i started early in buying my 1st home. Fast forward 30 years and I’m still living paycheck to paycheck. Pathetic. Millionaire on paper as i have tons of equity now but so what. Im stuck here and have 0 money left over to do anything “fun”. My advice is always to get out! So many here get brainwashed into thinking this is as good as it gets but it’s not. Lots of pluses for sure but until you try something different you’ll never know. Good luck.
Unpopular opinion here. I’d rather rent for the rest of my life than buy in Riverside, IE, or anywhere else that is not within a bike ride to the beach. I’m like a gypsy and move fairly often, which I’ve enjoyed most of the time. Annoying neighbor? Neighborhood going downhill? Easy to move when you rent. I am also a person that doesn’t prioritize owning property here. I know it’s not for everyone, but I think for SOME people it could be a better option in terms of quality of life. I’ve heard many people complain about their crazy long work commute so they could buy a home where it was affordable for them. However, spending 2+ hours driving to & from work, living in extreme heat, or in the middle of nowhere doesn’t seem worth it (for me). I’ve known a few people that rented a “crash pad” in their work city and owned the home they spent their days off at. Most of the desirable places in CA aren’t affordable anymore. So you either get creative to make it work or suck it up and move to plan B or C.
I’ll probably get downvoted but if you can stand the summers Phoenix has a nice balance of affordability-ish, lower taxes, amazing winter weather and it’s an easy half day drive on the 10 back to SoCal.
I love finding off markets for my clients. This is how you avoid competition as a buyer. The agents negotiation skills play a role but only to a certain extent
I was shocked to find out that real estate in big bear is surprisingly affordable. It's possible to buy a small 1 bedroom 1 bath house for around $150,000. Was playing with the mortgage calculator and that comes to around $1,400-1,650 monthly payments. Now here's the catch, whether you can get fire insurance and insurance that meets mortgage requirements is another story, or even if it's affordable.
Don’t move out. I’ve countless friends who regret moving out and some have landed big enough jobs to move back in. The grass isn’t always greener on the other side. I think what you need to do is get a little more creative on your buying strategy. For example, if you are getting outbid by cash buyers I am assuming that you are focusing on the mls market with a traditional agent and traditional financing. Branch out, network with several wholesalers, brokers, agents, probate attorneys or agents that specialize in probate acquisitions. Look up interest only loans or hard money loans which can usually fund to close in under 10 days. Be open to buying a fixed and then fixing to your liking. Then after a period of time refinance your loan to a conventional. Be more aggressive about your offering terms, but still conduct your inspection thoroughly. I see plenty of off market and on market deals to be had, but you just need to differentiate yourself from the crowd. There’s a reason why homes are so hard to come by in OC, demand is high !
Do you have a family? I am in my early 30s. Just got a home in buena Park, it's not a house but a townhome. I have friends who moved out of state because of the col and many other money factors. But when they started having kids, they wanted to move back to be closer to family. So consider that
Hey OP how old are you? 120 is a good salary, you just have to save up, be smart with money and investments. Nowhere in country is cheap right now. You go work somewhere else you won’t be making CA money.
Bro this is the most unaffordable time to buy in the history of the OC. Buying a home is not the end all be all of financial stability. If you like it here, keep renting and saving and you’ll be fine.
That said if you can make more in another city, that’s probably not a bad idea either. Just saying to stop thinking buying property is the only way to wealth and stability.
You don't have to leave. If you keep saving money, eventually something will come up, but it may take a long time. There is no shame in renting. Owning a home these days is expensive AF.
I think there’s something to be said from living somewhere other than where you grew up at least once. But something contradictory about considering that at the same time as you’re shopping for a house
As others have suggested I would look inland. I had a couple of clients that bought in Wildomar. I showed them homes in Temecula, Wildomar, Murrieta & Menifee. Personally, I would recommend Wildomar & Murrieta over Temecula. The traffic on the 15 in Temecula is awful!!!
But if you do I would strongly recommend a home with a pool or at least a community pool. It's crazy how much of a home you can get there for under $700k. The 2 homes I sold out there last year were 4-5 bedrooms, 3-4 baths, 4,000+ sq ft, 2-car garage & private pool both under $700k.
I live in Dana Point & if I take Ortega it's only an hour.
Born and raised in OC too. Never thought I could move away from being so close to the beach. Bought a house in Menifee in 2018 for $380k. Now it appraises for $650k+. You couldn't pay me enough to move back to the pretentious rat race of OC.
Surprised no one has mentioned Long Beach, just over the Seal Beach border. Great condos in Marina Pacifica on the water or older SF west of the 405. Better than the middle.
My wife and I were getting outbid on every property we went for even when willing to put down $70-100k over asking. Several times we had buyers meet our bid exactly but were offering 100% cash so of course they won.
We ended up buying a new build condo so we wouldn't have to deal with that shit anymore. Even then several of the units had been bought up by a corporation and left to sit empty for over a year after completion till they decided to sell them off for $150k more than what they bought them for.
I make more than 120k and have decided to leave the OC. I thought about Temecula but will still have the high state income tax and property tax. I am moving to another state. My rent for a two bedroom in Irvine is 4k going +$500 in a couple of months. I don’t want to live in the IE just so I can buy a home. Time to go! If you rent and don’t own a home already the timing is off to live in So Cal.
if owning a home matters to you - maybe so. it is only going to get worse. and the houses in OC are getting older. Old expensive stuff that will need renovation and repairs.
Real estate is an auction. If you’re priced out, you’re better off finding a deal somewhere else. Especially if you can make an area better. You’ll get more ROI off yourself.
The trick is to get your foot in the door buying a property that will suffice for a couple years. Your first purchase should not be a forever home. Look for a smaller condo. You can use the equity you get from that home to buy a better place down the line. Live below your means while you save a bunch of money for a better down payment.
I’m at literally the same place you are lol. I’m married though so our combined gross is around $190k. Our plan is to save money and buy a house my parents, wife, and potential kids can live in, and if not oh well. It’s called generational wealth for a reason. If we can’t buy a house in my generation, that’s fine I don’t really mind cuz i’ll be able to help my kids afford one in their generation.
Orange County weather is overrated. Its hot unless you’re a coastal town. Irvine is hot. Ladera Ranch is a bear from July-Oct. Rancho Margarita is awful heat wise. Yorba Linda bad.
I would consider leaving if a house specifically is your goal. You can afford a condo but I wouldn't go that route if it's going to affect your quality of life (have to pause hobbies, travel, etc).
If I may ask, why the need to buy a home? Why not stay here and rent? It is likely cheaper than the cost of paying a mortgage anyway. I’m in my 30s here and renting an apartment and feel no desire to move but I also have no desire to own a home at the moment (it just sounds stressful to me, not to mention I can’t afford one!)
It's not a need, I'm fine renting temporarily. I'm just questioning if there is an end to the increasing COL in this area and if it's worth it or worth waiting for it to stabilize.
Orange County will continue to be a desirable place to live because of the safety, road quality compared to LA, proximity to beaches and hiking, the weather, etc. Plus, California in general keeps increasing taxes and is a very expensive place to live. Will that change? Probably not. Will the COL go down compared to the rest of the country? Probably not. However, the advantage of buying a house or condo in OC is you are almost guaranteed that the property value will go up, which can't be said for a lot of the country. If I were single (which I assume you are) and had some money for a down-payment, I would take advantage of every first-time home buyers assistance I could, buy a small older house or condo with a low monthly fee in OC, and build equity.
I’m in the same boat, left Oc for the IE and it’s definitely not the same. I’m not sure who is able to afford a 7-10k mortgage but they’re doing it.
I think a lot of buyers are leveraging their previous homes. My lenders told me they also see lots of parental gifts lately. I don't think the average payment ends up being 7k. I bought mine by selling my other. The person who bought my old one was 1) a doctor and 2) had a huge "gift" from daddy. She put 60% down!
Definitely this. Larger down payment equals more reasonable monthly payment. Having equity in a home is good way to build a bigger down for a better house. But obviously people with parents who have money will be able to help with mortgages or help drastically lower the cost.
I’m from San Diego and the last couple friends I knew that bought houses did so because they bought condos or homes in 2010-2012 for $250k-$400k and sold them for $500k-$800K now and bought houses close to a Million. It helps coming in with so much extra cash. Otherwise someone just raw dogging it for the first time can’t afford an $800k home here. Even starter homes that need gutting are $650k-$700k.
I tried my best to avoid anything inland, because I enjoy coastal, living and weather. I couldn’t imagine myself sitting on the 91 trying to go to the beach or to get home. That corridor is just ass. Last year, I ended up moving to North County San Diego. It’s been one of the best decisions I could’ve made. I’m closer to the beach than when I lived in Irvine. I do miss the variety of Asian food, I could find in Orange County, but I’m still within driving distance to both Irvine and Kearny Mesa, another Asian food haven.
Not sure how far you are from Convoy, but when we last visited SD, our friend drove us around Convoy and they have some great Korean and Japanese options. He said it’s one of SD’s hidden gem locations for Asian food!
It's not hidden... parking is a bitch at the best places. You end up parking along some business park and walking 10 minutes.
And north county homes are 1.5-2.0. Condos are close to or over a million.
What city did you end up with? I'm looking into North SD county myself.
Well the affordable parts of Include, Oceanside, Vista, San Marcos, Escondido and Fallbrook. I went with Oceanside as it is definitely transforming into a very nice beach town. Im on the north side of town off the 76 and less than 3 miles from the beach. With your salary, you can get a a nice condo near the beach or a small home further inland (but not IE inland lol)
Good to know. I'm considering those cities with the exception of of Fallbrook (a bit far). I would prefer Oceanside myself.
I saw new houses selling for $900K in Ontario. ONTARIO!!!
I hate to break it to you but you and all the others fleeing OC are creating the same problem for us here in the IE that you’re escaping from. Except it’s exponentially worse here because every acre of open land is being developed into a warehouse here so our housing options are extremely limited and get exponentially more expensive year over year. Hell, I just saw a 1 story 3 bedroom 2 bathroom house (old but recently renovated) in Apple Valley for $530k. Standard, non luxury 2 bedroom condos in Ontario sell for over $600k. Even non luxury 2 bedroom apartments in Palm Desert rent for over $2,500. I understand it’s the cycle of life in desirable areas such as Southern California because the same thing happened to Orange County. All the non beach cities used to be where those from LA fled to when it became unsustainable in LA. But it still sucks to be living through the gentrification in real time. Especially being in my late 20’s and making what should be a livable wage (~$80k).
Oooooof IE that’s crazy sorry to hear that
This is hilarious, the IE is the IE, that's for sure. I grew up in the IE. Moved to Colorado for a job where the cost of living is just about the same (except maybe gas). At this rate I'd rather move back to California and rent something near Orange or maybe a bit further west. With that said, I'd also move back to the IE in a heartbeat given the right circumstances just to be that much closer to the coffee, culture, and coast.
Nah I moved back to the IE in March, this shit wack. I’m trying to claw my way back to OC any way I can. Don’t come back here lol
Was waiting for this. I spent a year in Riverside. Never again.
In Rancho Cucamonga, want to die lol
If you don't mind me asking, why do you hate Rancho? That's one of the only IE cities I've considered.
There’s some home for sale on Green River. I did consider those but I know I can’t handle the drive to Irvine. It’s also in a wild fire zone so I was quoted $3,500 for insurance. We do have a few offers in OC and hoping one does go through and unfortunately our parents will not be gifting us cash for our down payment so we will be house poor. I’m planning on dumping my bonus into the principal twice a year and recast the loan if rates have not improved otherwise we’ll refi. Don’t give up! Are you able to consider a co borrower to increase your buying power?
I was just in Colorado this week. The cost of living is not the same at Orange County. Not even close. You can’t buy a brand new 4 bedroom house here with a basement apartment for 600k. Like, it’s so much cheaper I’m now debating going to Colorado.
What most people don’t realize is that it’s temporary (if they choose to). I moved to IE from another country a few years back, had the opportunity to purchase a new home with the 5% down payment, sacrificed mortgage payments for 1 year by working 6 days a week (it was a total pain but so worth it) then got it rented out (I undercharge my tenants for rent so I’ve had the same tenants ever since). While it was getting rented out, I moved back to the country I originally came from. 5 years later the value increased & I was able to take out my home equity to put a 20% down payment for a bigger home in Diamond Bar. It’s not the OC but I love how central it is between OC & LA. It’s also been insanely safe & somewhere one can raise a family. Most people wouldn’t sacrifice that initial move to the IE with lower mortgages and lower monthly payments & isolation esp a few years back… yes it’s insanely hot in the summer & there isn’t much to do other than shop or if you really need to, take the 241 to Irvine & avoid the traffic. Though instead most seek the instant gratification of living where they want to live & end up sacrificing their finances by trying to keep up with a lifestyle they’re not ready for YET.
Yeah, everything here really comes down to your willingness to sacrifice your money or your comfort. If I was going to move back to California and was looking to buy on my current income, I'd be forced pretty far east or I'd have to buy a condo. And I'd be willing to sacrifice a bit more money to live more comfortably. But California isn't for everyone and I totally understand that. I thought I could do the IE to Irvine commute. But even with the 241 and FasTrak, I don't know that I would ever do that kind of commute again (\~2 years of that) unless I was being paid for the drive time. I'll still gladly do that drive when I visit my parents and am craving Coffee Dose, Buenos, or MoonGoat. As you can see, coffee is my number one priority haha!
Gotta be a trust fund baby or live in an apartment to make it here.
If you're *only* here because you were born here, maybe.
Nah I'm also here for my job, my parents, and the weather
It really comes down to what’s important for you then. Is moving away from your job, family and weather worth being able to buy your own home in a more affordable area? Also, try more inland. Still within driving distance of the coast and family, and job while being more affordable
It's hard to justify the COL for what the area provides, but good idea looking inland. Will consider that.
I know people who moved to Crestline, arrowhead, and bigbear from la because of col. The entire area got way better because of wfh and covid
big bear is by no means cheap now though lol
Gotta wait for all these boomers with 2nd homes up there to pass away.
It’ll just got bought by a management company then put on Airbnb
I moved to Riverside three years ago, and it was the best move I made. I was renting in OC, and was priced out of the entire county.
If you're looking inland and close check out Corona Hills. It's in Corona and slightly warmer then OC but it's the closest I've found to living in OC. It's not cheap but less expensive that OC.
Another place to look at is Temecula, technically closer to San Diego than OC. It's cooler than most of Riverside county because as the bird flies (over Pendleton) it's only 25 mi from the ocean.
Are you sure about the weather? I grew up in Murietta, which as I’m sure you know border Temecula and summers were brutal. Regularly reaching 100°. Now that I’m in Orange County it’s so much cooler.
Better than 110° in corona/riverside.
This! I will say the newer developments in Corona/Riverside area are super nice. The IE has really built itself up in recent years and may be a good alternative while the housing prices out there are still fairly reasonable.
Did you consider that the circumstances surrounding the affordability could be temporary? Changes in the macro environment, or changes in housing policy, could benefit you. To me, the wild swings in home prices for the past few decades look a lot more like how equities perform than slow and steady investments. But of course, this perspective requires the patience of a saint, and we have one life to live.
> Changes in the macro environment, or changes in housing policy, could benefit you. Or they could hurt, such has been the case for the last 5ish years.
It’s so hard to establish a life here with the chain of rent
Me too, and I moved out of OC for the first time in my life 1-2 years ago. Moved to San Diego, no regrets lifes different and better elsewhere in my opinion. Good luck Ma’am/Sir
Also you make less than $190k you should be eligible for some grants if you look in low to moderate income area. Approx $20-30k. We didn’t qualify but I hope that helps you
While buying a home is supposed to be "an american dream" it is no longer possible for many people. We own in a neighborhood on the coast that we could not afford to purchase now. There are homes in our neighborhood that have been rented out for less than the purchase payment would have been today. These people who rent have 2 porsche's, travel extensively and live an upscale lifestyle (example). Things many people in this neighborhood cannot do that purchased a home. It is not always necessary to own a home.Your lifestyle and daily living experience is what counts.
This is his home. He is being priced out of his hometown where he wants to be! Sorry you didn’t like where you grew up.
This is OPs home-born & raised. That counts for more than only! Unless I’m missing a joke…? I’m sorry it’s gotten outta hand OP. Very frustrating. Hang in there. Not easy to start over when you are only motivated bc it’s gone crazy here
Communities should be not intentionally disenfranchised with high costs of living. We have a right to the communities that we are foundational to. We need to overhaul this wretched govt and create something new.
It's the cities that restrict building. Vote local.
You sound young enough to go look around a bit. There is a lot of value in living in other places for a while. BUT don't just go somewhere half-cocked. Look around. A lot. Make certain you have a job lined up before you go. A better job. Really look at your options for places and try something new. Go for it. Prices in OC are going to do what they do. Why not move somewhere for a while and come back later. Many, many people do it. OR maybe you'll find that living in the Orange Bubble really wasn't for you. Perhaps living next to the rocky mountains would be great. Or living in an actual city. If you question that statement then you really don't know what a city is. ---- as an aside I'll note my favorite description of LA --- 28 suburbs in search of a city ---- so, LA aint it. Maybe you can find a job and a condo in Chicago and enjoy real city life in a city with weather for a few years. Build up some equity and come back ready to settle down -- or not. Boston is a really neat city, too. Anyway. If you are uncertain what to do, then start doing all the planning and visiting new places like you are going to move. Have that in your pocket as an option. Know what places might be great for you. It'll be an emotional boost even if you never move. A person is "trapped" if they can't go anywhere. Right now going somewhere is daunting because you are too far from an actual plan. If you get a lot of the legwork going right now. If you know where your industry is growing and has salaries and benefits that you want. If you know which of those places seem pretty great. Then you aren't trapped. You are making a choice to stay or to go. Good Luck. Enjoy the process.
if OP is complaining about the col here they would have a terrible time in Boston. That's where I lived before moving down to OC and, even though it has been quite a few years now, my life here started much cheaper than it was there. Boston is a beautiful city that's cold half of the year and extremely expensive to live in.
Same. I moved from boston to OC a few years back and both areas has STUPID col’s. I moved back to boston for work a couple months ago. Believe me, if OP is getting smushed by cash buyers in socal, he/she will face the same fate in Boston.
If you meant to live within Boston yeah but the “Greater Boston Area” has somewhat cheaper pockets
This is going to sound insane, but seriously maybe go check out some Midwest cities too. Cincinnati, Cleveland, Columbus, Pittsburgh, Kansas City, etc. all pretty great, lots going on in a metro setting and fairly cheap.
Chicago!!! It’s an awesome city and it’s middling price-wise! If OP can handle the winter, 120k will get them a very solid home
Born and raised in oc. Moved to Chicago a year ago for a job opportunity. My wife and I agree that the only thing we regret is not doing it sooner before we had kids. There's so many fun things to do. The food, The walkability, the lake. It's great. Having all 4 seasons is fun too. Especially in the city where the snow is handled for you. And nearby cities (we've done trips out to Milwaukee, Holland, and apple picking all around rural Illinois and indiana) all have their own charm too. I love OC, but love chicago too. If you can find a job that pays similar (especially if you are young) then I'd highly recommend moving here.
Me and my gf just moved from Costa Mesa to Logan Square and feel the same way as you guys so far. Love it here.
Used to be in the Palmer Square Park area in the early 2000s. Loved the neighborhood and the diversity it had then between a mixture of peoples ranging from white collar, blue collar, young single people, older families, younger families, professionals, students, etc...Wonder if it's still the same or if it's been more gentrified nowadays.
Born and raised in OC, in my 30s now. My husband and I moved out of state last year after careful consideration. The life we wanted to live (house, kids, an occasional vacation, and savings) was just not possible in California anymore. It was heartbreaking to leave the only home I’ve ever known and leave my entire family behind. Now, after over a year after the move, I’m so glad we did it. Cost of living is significantly less. We bought a beautiful home to grow our family in. We’ve adjusted quite well and will never go back. Good luck, OP! This is tough! Leaving sucks! But life can be good away from OC :)
Can I ask where you moved to?
Colorado! I recognize this is not the cheapest option compared to the hundreds of Californians migrating to AZ, TX, etc. However, Colorado felt the most homey to us and we could keep up with our outdoor hobbies. It feels like night and day compared to OC in day to day costs of living.
I love it as I am starting my search in Colorado 😊
We love it! Highly recommend :)
Thanks to private equity, there's no place to leave to. Until laws are established to limit their monopolization of neighborhoods it will be like this.
I assume you've looked into resources for first-time home buyers, including county resources. Where are you looking in OC? Irvine is notorious for all-cash buyers, but other areas in OC might not have so many of them.
Huntington, Costa Mesa I've looked at resources. I'm kind of a weird middle spot where I'm not poor enough to get a low income benefit and not rich enough to buy outright.
You’re looking in very expensive areas. Try something like Fullerton or La Habra. It’s not super far. It sure beats moving somewhere awful like Idaho or Texas.
Fullerton may be perfect, but it's not cheap.
Not cheap but less money than HB or CM. I’d also suggest Whittier in this case.
There are very few properties under 1 million in these areas (that are not also swooped up by all cash buyers).
That’s not really true, there’s plenty that sell below $1m and are going above asking. Go on Zillow filter <$1m and sold and go through the list you’ll find tons of homes that were in the $750-925k range
Fullerton is perfect, tons of gorgeous homes and it’s a nice laid back town
Cash buyers are really bad in Fullerton too. Anything under 1 million seems to be grabbed by cash buyers. La Habra is a little better.
Even Anaheim has nice neighborhoods under $1M
> Huntington, Costa Mesa I was in your shoes last summer. I wanted to move back to OC after living up in Playa Del Rey for 3 years and my initial goal was Huntington as I'm from there. My wife and I kept getting outbid in the 11th hour and then we looked at Garden Grove and were able to get a beautiful home in a nice neighborhood, plus I'm only about 10 min from where I grew up. Point is, look at places you might not consider - OC has a lot of nice places :)
Any city near the beach is going to be a draw from all kinds of investors. There are way more affordable cities that still aren't too far away from the beach -- Westminster, Fountain Valley, Lake Forest, Mission Viejo. Then a little further away from the beach you have some good options -- Garden Grove, Orange, Fullerton, Tustin. I'm sure there are more.
Costa mesa is ripe with developers at the moment. Anything "affordable" is getting flipped. I recently went all in on a house. I had to outcompete 7 cash offers. At the time I thought I way way over paid. 8 months later it looks like I got a steal. Costa mesa is insane Eta... within half a mile of me there are at least 4 houses that went to bigger developers. At least 2 of them are getting their larger plots divides for luxury units with adus... so they are being bought by investors and likely will be bought by investors again. Crazy
In OC 120k gets you about
a used sports car
A parking spot for that used car in Laguna Beach
blank, nothing, 0
At 120k gross, he's not going to be able to afford almost any mortgage.
Couple things: 1- If you move out of state it is almost impossible to come back. Appreciation here is a lot higher than in other states, so while you might be able to build equity out of state it won't be enough to allow you to come back and buy here. I know that because I have family that move out of state and are in the same boat. 2- Are you trying to buy house (SFR) in OC on a $120K income? That's not doable in today's market. Start with a condo and build your equity over a 10-year period, then move up to a house when your situation improves. 3- Look in other area of OC (Anaheim, Fullerton, Lake Forest, RSM to name few). Or go inland to Corona or Chino Hills. With how high the prices and interest rates are; homes aren't selling as fast as they used to few years ago. If you broaden you search and start small you will find a decent condo in a decent area. Good luck.
Husband (m 41) and I (f 40), moved in with my parents for -six whole years- to save up for a down payment. Thanks to this, we were able to move into a 1,080' condo in Trabuco Canyon almost 3 years ago.... A condo works for us because we are childless, with only one small dog. I WFH majority of the week -- we use the 2nd bedroom as an office. Spending a good chunk of my 30s with my parents wasn't the highlight of my life, but (purchasing into) the OC even with a decent income --- it's just so difficult, especially when the majority of money is being burnt on rent. We decided to stay in the OC, because my parents (Laguna Niguel), and his entire immediate family live here (RSM). We both grew up in the area.... Love the weather, and variety of food, people, and activities.... Hopefully we'll be able to move into a single family home eventually. Good luck to everyone struggling to get their foot-in-the-door of home ownership in the OC, it's truly an uphill battle.
At least your locked in Rent is insane even a condo seems impossible to most of us when rent is over 3k 🥲
Lmao he ain’t **buying** shit in Fullerton, let’s be honest, nowhere in OC that’s livable on 120k single income.
Some cities offer first time home buyer programs. Also try switching up agents. I was getting outbidded until I swapped agents.
If you dont mind me asking, what do you do? Do you work in tech?
Mech/aero engineer
Hows the job market looking these days? I worked in data analysis and its been brutal the past year or so.
Pretty bad to be honest, I've tried applying to several other companies in the area for a salary bump but had no luck. Lot of layoffs and freezes in tech.
Yeah definitely, it nothing like it was back two years ago. On the bright side you're employed and are able to rough it through the layoffs. Do you live with family or were you trying to buy bc you were renting?
Can you lower your standards to a condo/townhome? There are lots of options at your income
If your parents own a home and have a backyard, you should ask them if you can build an ADU in their lot. That's really the only way people who were born and raised here get to have a home. Tbh, living in OC is incomparable. I only realized that after spending a considerable amount of time away from OC.
Welcome to Long Beach! We'd be glad to have ya.
Don’t stay because you feel obligated to x,y, and z. Resentment is a real feeling that can spoil even the best. Go out and check out what the world has to offer and if you don’t find something affordable then you can always come back
Could you buy a townhome or condo in OC? Those appreciate quite a bit too and then downline buy a single family home? That’s what we did and it still took awhile to finally get an offer accepted on a house, it’s competitive out here. Don’t get discouraged if you really want to stay!
If you care that much about home ownership, then yeah. You won’t be able to buy anything on a single income of 120k in OC.
Fuck me for being the county's median income
Have a spouse who makes nearly as much and you'll be golden. You are on the right path though. Too early for home ownership on a single income though.
I feel your frustration and I think it sucks. I worry about my kids being able to afford a home here. $120k is a really solid income anywhere else and for one person you should be downright rolling in money! I agree that the cost of homeownership is ridiculous (and I’m a realtor). I don’t know where your job is, but Oceanside is a really affordable alternative to Orange County and you still get the great weather vs going inland. You can get a little $500k 2-1 house down in oside and then rent out the other room till you can comfortably afford the mortgage or refinance down the road when rates come down a bit. With that said, it’s actually more affordable to rent vs buy right now. Save your extra money and invest it!! Dont give up. The grass isn’t greener in other states. Trust me (I’ve moved 15 times/ lived in 5 states and 5 countries).
I make 100k more than you and am still renting. There is nothing wrong with it… in fact, buying is not a great financial move right now. You can build wealth much quicker renting if you invest the difference.
I've been priced out of OC too, I recently got a place in Temecula I'm going to move to. It's cose enough to OC that I still think I can see my friends. When I was growing up around here, the idea I had of Temecula was a backwater shithole, like picturing a tiny town. I was almost overwhelmed with how built up it has been as of 2024. The Mall seems better than the Malls I go to in OC, and there are more stores of stuff I'm interested in - anyways I'm really excited to start life there. Housing was way more affordable, and I think I will still be able to enjoy CA weather and stay in close contact w friends and family.
I lived in Temecula for about 2 years and the weather is not comparable to OC. It’s basically a desert climate so the summers are super hot and the winter nights get quite cold. The Santa Ana winds make the summers quite bad, and on windy days the wind feels like you’ve opened the oven door and just got blasted with the heatwave. Don’t bet me wrong, Temecula is a very nice city but you pretty much end up stuck inside most of the time during summer because you can’t enjoy going out during the day.
Buy new. There’s a waitlist. No bidding wars
Where are all these new houses?
There are bidding wars for new construction, too.
Do you just put a deposit down? Or do you need to have a mortgage before you even have the house built
You add your name to the list. It goes in order for primary home purchase. For investments I think they accept 10% per phase. That’s how I bought my house. I added my name to the list in 2021 in April. I signed in September. House was built in April 2022. When you sign you lock your price in. Deposit was 20k. The cheapest homes are lapis. It’s a condo. https://calpacifichomes.com/neighborhoods/lapis/
Are you planning on getting married in the near future? It's a lot easier if your spouse makes 60k plus.
I am priced out too! I just moved to North Cal. 400k buys you what 1.5 million gets you in Orange County. I lived in OC/ Southern CA my whole life too! OC is an amazing place to live. But I was tired of never having money to go anywhere because of hi col. if you are outdoorsy then there are a lot of things to do. If I want to do big city stuff then I have to venture into Sacramento or San Francisco.
Get your parents on the mortage, and you pay the mortage. Get a 3 bedrooms condo, then find 1-2 roommates on Zillow etc. That’s how I did it purchasing a condo back in 2017 in irvine.
Just thought of something! You want to be not far from the beach. Have you looked into San Juan Capistrano! I think it is such a neat town, they are doing a lot of new construction around there, and there are also some older smaller houses in that area. It isn't far from the beach at all. You might want to check out [926oc.living](http://926oc.living) for good information on developments going on in South County. Just checked Redfin, and there are some very affordable small condos there within walking distance of the good restaurants. And you'd be about 10 minutes away from Dana Point or San Clemente.
I have not, and I will check it out. Thank you!
If I had extra $$ to invest, I would invest in San Juan Capistrano. Very cool restaurant scene (including best bbq in OC,) awesome train station with access to a bunch of places including LA, San Diego, and Irvine, beautiful mission, and investment money for nice new apartments/condos being dropped as we speak. Ten minutes from beaches and a short trek to Newport or Costa Mesa up the five then the 73.
San Juan is just as expensive
I left OC 11 years ago & don’t miss anything about it. It’s too crowded, too expensive, too much traffic, & it’s not the same OC when I grew up in the ‘80s & ‘90s. Yeah, the weather is almost perfect, but outside of that I see no advantage anymore to living in OC.
Where'd you go to? What's better about it?
I moved to Minnesota, where my dad is originally from. The Twin Cities have their own issues (ie George Floyd event & the riots after). I live away from the cities though in a small town (around 5000 people). I bought a 3-bed 3-bath house with a workshop on 1.5 acres for $400k in late 2021. My kid can play outside without me worrying about a single thing. There’s room to breathe. I’m close enough to the cities where I can go get a taste of “culture” or go to a sporting event anytime I want. Yes, there’s the winters & not everyone can handle it. I’ll admit I’ve struggled through some of the tougher winters, but at the same time experiencing seasonal changes is fun. At the end of the day, it’s just more affordable to live here. I had a 1200 sq ft townhouse in CA that now probably costs twice as much as my 1.5 acre property. Not to mention gas prices, currently $2.93 as of yesterday. As a side note, I love taking roadtrips. From Minnesota, the rest of the country feels so much more accessible. I’ve driven to Tennessee, Texas, & Chicago for family events that I think I would’ve said no to because I would’ve had to hop on a plane, & airports are the worst IMO.
i agree with the crowded/expensive/traffic, if it wasn’t for my family being here i likely would have left
Keep at it. My wife and I were very fortunate to get our condo in '18 on our first offer. Last year, we went thru countless losses against cash offers or offers 100-150k over asking before a house that fell out of escrow called us back to see if we were still interested. It took 6 months of offers and open houses. Summer is also the worst time to look. Fall/ winter are less competitive, but not by much. No one will fault you for leaving. Happens everyday. Losing your support system is the hardest part about leaving.
Do you have a patient and experienced realtor? In my opinion it helps with the purchase. Not a plug but I’ve seen my wife do some cool shit to get her clients a home. One time she wrote a beautiful letter to the owner and agent, successfully getting the home. Also, I’ve heard her talking with agents and building a relationship helping to put them in a favorable position as a candidate for the purchase. I know it’s frustrating but if you wanna really live here just be patient. It’s worth it. Cheers!
Where would you go? Years ago we left Los Angeles for Kansas. Bought a house for under 200K, but it was in Kansas. Kansas sucks. In case you didn’t know. All the cool places are super expensive, and you won’t make the same salary that you make here. Trust me, you don’t want to end up in Kansas.
Hey grass isn't always greener. I moved to the Bay Area from OC back in April. CoL is much worse and frankly weather isn't as good. I'm spending over double what I spent in OC. Sure the job pays better but in the end I miss OC. I still have friends in OC tho but I'm not from there originally.
Same boat. Family and some friends left but this isn’t sustainable.
I moved out to the DC metro area about a month ago and there are some nice townhomes going for $700k in the Fairfax area. Further out from DC it gets even more affordable (or homes get larger). You can take the metro into the city for a few bucks on the weekend, and lots of jobs open up if you can get clearance. Lots of big govt contractor companies have a presence here. Gas is $3.50, 1 BR apts go for $2k, 2BR for $2.5k. I feel like I can breathe a bit more out here. Weather is erratic as hell though. It went from heavy rain to pleasant to warm and humid within 36 hours quite a few times before labor day. Oh, and people drive slow AF everywhere!
Once you leave, it’s incredibly hard to come back to ca. get a roommate and wait it out.
Wait it out rentals are 30-50% cheaper this market should’ve been booming in this summer market yet it’s stagnant. Get a long term lease with the ability to sublease or look up legal ways to opt out of one (get creative) IE is soulless don’t do it.
You should buy a house here but have roommates to share the costs. Then later when your income increases you can live alone. I would rather have roommates and living in nice weather near the beaches than living alone in desert weather
Okay, I'm old, in my 60s. Born in LA and raised in Orange County. For younger professionals who want to have the California dream, you had better be making bank and have the discipline to save money! If you are willing to not be flashy and trendy, It's possible to make it here. But being young and trying to keep up with the neighbors whose parents are propping up their lifestyle, it's very difficult to make it on your own. If you choose to leave, understand it's difficult to re-enter the California real estate market. Study states, income vs. taxes, and real estate markets. If your plan is to return to California, make a killing in your new state and save, invest, grow your wealth. Hopefully, you will choose a state that has no income tax. When re-entering the California market, make it an investment property. Live 6 months and two days in your income tax free state, or appear to. Life will be good. There's always a way to have your America dream. God bless.
It says your a mech / aero engineer. Go to Huntsville AL, aero is booming there and it's growing like crazy. I'm an ME and came down South to the oil/gas area. Came here 1 year ago and have a home plus a rental home now, beaches beat the fuck out of OC beaches....best choice I made.
If you wanna stay but need a roommate I'm looking to move to Newport in July - DM me if you're interested in staying and going half in on an apartment with someone. I'll tell you about myself when we chat 🩷 if not best of luck wherever you go!
Don’t leave “wE haVE NIce WEAthER”
We love OC. That said, if we didn't luck out in 2016 with our current place, we'd probably be looking at alternatives. We get by on dual incomes, but buying a place—even a condo or townhome—is tough unless you have family help. It was already challenging in 2016, but with current interest rates, it's even harder now.
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I'm a mechanical/aerospace engineer, I work on airport infrastructure
It is thy end , I’m on process moving out and never coming back It sad tho , I was born here I miss 13.55 large wings and 3.78 gas
Check out Sacramento. The weather isn't as nice, but it's not horrible either. Really fun town for 20-30 somethings that like to go out. 2 hours to ski. 2 hours to SF/Oakland. Plenty of fun neighborhoods if you can't be right in midtown.
There are legion’s of us bud. I had to leave too. Even my great grandparents are from LA/OC.
Dude I am in the same boat. Same pay, but in the bay area. CA’s COL is rough.
I remember reaching six figures and being excited, then reality hit… I’m actually poor
I know that exact feeling.
Truly disheartening
I used to live in HB and yeah, get a house somewhere else like the Carolinas or Tennessee. Much more affordable and you might actually see snow sometimes.
I’m in the same boat as you. Make about $130k in the IT industry and while all my friends back home (on the east coast) have been buying their first house, I do not see that for myself here. I moved here for my boyfriend about 8 years ago and we just rented a place in Costa Mesa. I love it out here and don’t think I want to live anywhere else. Unfortunately, I’m by far the breadwinner in my relationship and with the way mortgages are going, I don’t know if I will ever be able to afford a house here. Slowly accepting it, maybe renting is not all that bad 🥲
Well, we lived in Laguna Niguel 10 years ago for 3 years. We now live in Sarasota, FL. Just go back from a 2-week vacation in OC. Stunning weather & beauty...better than I remembered. Yes, expensive but absolutely lovely. Sarasota has been a hot spot to move to over the past 5 + years but you can't compare it to OC. Not even close. The heat, humidity, bugs, grouchy NE retirees, etc. We are considering going back to OC because our house has doubled in price the past 3 years. Probably the only way we could afford to return. So, understand the challenges for sure.
Move down to north county San Diego
Loved OC and never thought I would leave. Things changed so I moved and couldn’t be happier. I get to visit often and that’s enough for me until OC presents the same opportunity it did when I was younger
Condo ??
I’m in the same boat like you OP. I’m also at 120k (little below) and rent a room at my mother’s home. Also still driving my college car from 2015 lol. I think the best solution for us OP is to have a dual income either by overemployed or having a partner ready to share expenses. If not, then California is priced out for us to be honest.
This isn’t the county to buy a home. Not anymore at least.
120K is middle poor here. If your combined income were 250K, then maybe you could get into an upper poor neighborhood in Orange County.
Upper poor neighborhood 😂
I checked out condos and one bedrooms are in the 400k range—that’s not worth it. A 2 bedroom has more value when it comes to selling but the 2 bedrooms are too pricey
If you leave, leave California. That's my opinion and others will disagree. But it's still very expensive to live in the inland Empire right now. Or any other part. If you're going to leave, you might as well go check out the other states for a while and save a lot of money and maybe you'll come back one day. I will know, that I left California and came back. So it's not impossible.
You need a spouse, with double income you’d likely be able to buy in OC. My husband & I got priced out of the OC market and bought in Corona, hoping to build equity and get back to the OC sometime in the future
Try somewhere new where you can actually “live” instead of just surviving in OC. What do you have to lose? I moved to ATL and hated it. Moved to Tampa next and loved it. Got a small house on a canal that lead to open water. Why? Because i could and it would never be achievable for me in OC. Had to leave FL to go back to OC to be closer to aging parents etc. but god i wish i hadn’t. OC has changed a lot and it gets more pretentious, expensive, and fake every year. Try the Sierra region or a more rural setting. Or head to the midwest.
I guess that's just it, I don't feel like I'm living here. I like your answer.
I have a huge advantage over most in that i started early in buying my 1st home. Fast forward 30 years and I’m still living paycheck to paycheck. Pathetic. Millionaire on paper as i have tons of equity now but so what. Im stuck here and have 0 money left over to do anything “fun”. My advice is always to get out! So many here get brainwashed into thinking this is as good as it gets but it’s not. Lots of pluses for sure but until you try something different you’ll never know. Good luck.
Unpopular opinion here. I’d rather rent for the rest of my life than buy in Riverside, IE, or anywhere else that is not within a bike ride to the beach. I’m like a gypsy and move fairly often, which I’ve enjoyed most of the time. Annoying neighbor? Neighborhood going downhill? Easy to move when you rent. I am also a person that doesn’t prioritize owning property here. I know it’s not for everyone, but I think for SOME people it could be a better option in terms of quality of life. I’ve heard many people complain about their crazy long work commute so they could buy a home where it was affordable for them. However, spending 2+ hours driving to & from work, living in extreme heat, or in the middle of nowhere doesn’t seem worth it (for me). I’ve known a few people that rented a “crash pad” in their work city and owned the home they spent their days off at. Most of the desirable places in CA aren’t affordable anymore. So you either get creative to make it work or suck it up and move to plan B or C.
I’ll probably get downvoted but if you can stand the summers Phoenix has a nice balance of affordability-ish, lower taxes, amazing winter weather and it’s an easy half day drive on the 10 back to SoCal.
California isn’t all that it’s cracked up to be.
I love finding off markets for my clients. This is how you avoid competition as a buyer. The agents negotiation skills play a role but only to a certain extent
I was shocked to find out that real estate in big bear is surprisingly affordable. It's possible to buy a small 1 bedroom 1 bath house for around $150,000. Was playing with the mortgage calculator and that comes to around $1,400-1,650 monthly payments. Now here's the catch, whether you can get fire insurance and insurance that meets mortgage requirements is another story, or even if it's affordable.
Go to riverside county.
Why not start with a condo or townhome?
This is where I’m at, but I’m in San Diego. Do I leave paradise because I’m poor here?
It sucks because it’s such a slow death, like you’re being choked out by the ever increasing cost of everything
What criteria are you looking for in a house exactly? Might have something off-market…
Do you need to own a house right now?
Don’t move out. I’ve countless friends who regret moving out and some have landed big enough jobs to move back in. The grass isn’t always greener on the other side. I think what you need to do is get a little more creative on your buying strategy. For example, if you are getting outbid by cash buyers I am assuming that you are focusing on the mls market with a traditional agent and traditional financing. Branch out, network with several wholesalers, brokers, agents, probate attorneys or agents that specialize in probate acquisitions. Look up interest only loans or hard money loans which can usually fund to close in under 10 days. Be open to buying a fixed and then fixing to your liking. Then after a period of time refinance your loan to a conventional. Be more aggressive about your offering terms, but still conduct your inspection thoroughly. I see plenty of off market and on market deals to be had, but you just need to differentiate yourself from the crowd. There’s a reason why homes are so hard to come by in OC, demand is high !
Do you have a family? I am in my early 30s. Just got a home in buena Park, it's not a house but a townhome. I have friends who moved out of state because of the col and many other money factors. But when they started having kids, they wanted to move back to be closer to family. So consider that
Hey OP how old are you? 120 is a good salary, you just have to save up, be smart with money and investments. Nowhere in country is cheap right now. You go work somewhere else you won’t be making CA money.
Bro this is the most unaffordable time to buy in the history of the OC. Buying a home is not the end all be all of financial stability. If you like it here, keep renting and saving and you’ll be fine. That said if you can make more in another city, that’s probably not a bad idea either. Just saying to stop thinking buying property is the only way to wealth and stability.
Try the High Desert for homeownership and join a vanpool to save your sanity.
You don't have to leave. If you keep saving money, eventually something will come up, but it may take a long time. There is no shame in renting. Owning a home these days is expensive AF.
I think there’s something to be said from living somewhere other than where you grew up at least once. But something contradictory about considering that at the same time as you’re shopping for a house
As others have suggested I would look inland. I had a couple of clients that bought in Wildomar. I showed them homes in Temecula, Wildomar, Murrieta & Menifee. Personally, I would recommend Wildomar & Murrieta over Temecula. The traffic on the 15 in Temecula is awful!!! But if you do I would strongly recommend a home with a pool or at least a community pool. It's crazy how much of a home you can get there for under $700k. The 2 homes I sold out there last year were 4-5 bedrooms, 3-4 baths, 4,000+ sq ft, 2-car garage & private pool both under $700k. I live in Dana Point & if I take Ortega it's only an hour.
Born and raised in OC too. Never thought I could move away from being so close to the beach. Bought a house in Menifee in 2018 for $380k. Now it appraises for $650k+. You couldn't pay me enough to move back to the pretentious rat race of OC.
Dude, same :/
Surprised no one has mentioned Long Beach, just over the Seal Beach border. Great condos in Marina Pacifica on the water or older SF west of the 405. Better than the middle.
You are not alone! We’ve all been priced out of our hometowns. It’s tragic and California law makers don’t care.
My wife and I were getting outbid on every property we went for even when willing to put down $70-100k over asking. Several times we had buyers meet our bid exactly but were offering 100% cash so of course they won. We ended up buying a new build condo so we wouldn't have to deal with that shit anymore. Even then several of the units had been bought up by a corporation and left to sit empty for over a year after completion till they decided to sell them off for $150k more than what they bought them for.
Yeb exactly cash buyers are brutal
I make more than 120k and have decided to leave the OC. I thought about Temecula but will still have the high state income tax and property tax. I am moving to another state. My rent for a two bedroom in Irvine is 4k going +$500 in a couple of months. I don’t want to live in the IE just so I can buy a home. Time to go! If you rent and don’t own a home already the timing is off to live in So Cal.
Same. Every time I think about moving inland I think about the taxes I’d still have to pay so might as well move out of state
if owning a home matters to you - maybe so. it is only going to get worse. and the houses in OC are getting older. Old expensive stuff that will need renovation and repairs.
Real estate is an auction. If you’re priced out, you’re better off finding a deal somewhere else. Especially if you can make an area better. You’ll get more ROI off yourself.
Everywhere is fucked
The trick is to get your foot in the door buying a property that will suffice for a couple years. Your first purchase should not be a forever home. Look for a smaller condo. You can use the equity you get from that home to buy a better place down the line. Live below your means while you save a bunch of money for a better down payment.
I’m at literally the same place you are lol. I’m married though so our combined gross is around $190k. Our plan is to save money and buy a house my parents, wife, and potential kids can live in, and if not oh well. It’s called generational wealth for a reason. If we can’t buy a house in my generation, that’s fine I don’t really mind cuz i’ll be able to help my kids afford one in their generation.
Orange County weather is overrated. Its hot unless you’re a coastal town. Irvine is hot. Ladera Ranch is a bear from July-Oct. Rancho Margarita is awful heat wise. Yorba Linda bad.
Priced out also, moved to Sacramento - $$ goes a lot further here. Bought a flipped house for 650k, same house would cost at least 1 mil in the OC
I would consider leaving if a house specifically is your goal. You can afford a condo but I wouldn't go that route if it's going to affect your quality of life (have to pause hobbies, travel, etc).
I can't wait to leave Orange County.
Same
Cash buyers. You mean Chinese nationals money laundering.
If I may ask, why the need to buy a home? Why not stay here and rent? It is likely cheaper than the cost of paying a mortgage anyway. I’m in my 30s here and renting an apartment and feel no desire to move but I also have no desire to own a home at the moment (it just sounds stressful to me, not to mention I can’t afford one!)
It's not a need, I'm fine renting temporarily. I'm just questioning if there is an end to the increasing COL in this area and if it's worth it or worth waiting for it to stabilize.
Orange County will continue to be a desirable place to live because of the safety, road quality compared to LA, proximity to beaches and hiking, the weather, etc. Plus, California in general keeps increasing taxes and is a very expensive place to live. Will that change? Probably not. Will the COL go down compared to the rest of the country? Probably not. However, the advantage of buying a house or condo in OC is you are almost guaranteed that the property value will go up, which can't be said for a lot of the country. If I were single (which I assume you are) and had some money for a down-payment, I would take advantage of every first-time home buyers assistance I could, buy a small older house or condo with a low monthly fee in OC, and build equity.