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For: Real America News Updated 23 Apr 2022, 000: 020 pm EDT
E The median price of a home in Orange County reached $1 million in March, becoming the first Southern California county to reach that expensive mark and underscoring how expensive the region has become, according to the Los Angeles Times.
The threshold was crossed when the Orange County median sales price for new and existing homes, condos, and townhomes increased from $840, dollars in February at $1,020,04 in March, according to data published this week by researcher DQNews. It constitutes a jump of 12% in the average price with respect to the previous year.
L Million-dollar homes quickly spread throughout Southern California during the pandemic, becoming commonplace in communities once thought to be were relatively affordable, like Highland Park and West Adams in Los Angeles County.
The median price in Los Angeles County rose to $840, in March, a 12% more than the previous year.
The Orange County milestone marks a momentous increase in wealth, at least on paper, for local homeowners.
But it occurs when the lack of lives Affordable housing across the region has pushed people into homelessness and caused others to leave the state in search of shelter they can afford.
According to a recent survey by the Public Policy Institute of California, the 64% of California Adults Consider Housing Affordability a Big Issue, and more than half of adults say they worry about not having enough money to pay their rent or mortgage.
In Orange County, home to many high-paying jobs in technology, health care, and finance, the median annual household income in 2020 was $94,441 dollars, and almost the 30 % of households earned at least $150,, according to a Beacon Economics analysis of US Census data
Mortgage interest rates are rising quickly, making the $1 million house a more difficult purchase than it was a few months ago.
DQNews data for March quoted represents closed sales, meaning many buyers opened escrow and locked in their rates in February . Rates were rising then, but were still more than 1 percentage point below today.
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