OC Real Estate Hard to Afford on a Teacher’s Salary
Mar. 31, 2014
According to a recent article in the Orange County Register, only 9 percent of OC Real Estate is affordable on a teacher’s salary. A report from Redfin stated that, based on the 2012 median Orange County teacher’s salary of $78,100 per year, a teacher could afford to pay up to $310,000 for a home. In this price range, one could likely get a 1,027 square-foot two bedroom, two bathroom condo, the report stated.
As a general rule, the article reported, one’s mortgage should take up no more than 28 percent of his or her gross monthly income. Just 17.4 percent of the homes in California are affordable on a statewide median teacher’s salary of $69,300. And teachers aren’t the only ones struggling with affording a home in California, the article noted. 71 percent of California households earn less than $100,000 per year.
Affording a house isn’t always easy. Brandywine Homes understands that and we are striving to offer homes in varying price ranges, including affordable options for individuals and families in Orange County. We have brand new, single-family homes available for purchase in some of our communities for moderate income home buyers, as well as multi-family dwellings with units to lease.
Brandywine seeks to improve and revitalize established communities through urban infill projects. We partner with financial investors and governmental agencies to convert underutilized spaces into beautiful communities. By building within cities, we provide home owners with the chance to own a home near the place they work and close to extended families. For more information about our communities and which one you might call home, contact us.
