Houses To Buy In Orange County
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That said, living on the coast in Southern California is undeniably costly. However, purchasing a home in Newport Beach is still significantly more affordable than similar Los Angeles county beach towns. The median home price in Newport Beach lies around $1.97 million (via Niche). While costly, it's a worthy investment for those looking to live on the stunning southern California coast. Whether you're looking to enjoy a day on the boardwalk or take the ferry over to Balboa Island, Newport is a family-friendly town that offers endless fun and adventure.
The threat of erosion of the county's industrial base has prompted the Board of Supervisors to adopt a controversial ''affordable housing'' program. The plan calls for 25 percent of the units in a builder's developments to be affordable (assuming normal down payments) by families making 120 percent or less of the county's median income.
Forty percent of this ''affordable housing,'' or 10 percent of the total of a development, is to be affordable to those earning less than 80 percent of the median - as long as the county can provide some sort of special financing. Another 40 percent is to be aimed at those earning 81 to 100 percent of the median level. And 20 percent is to be aimed at buyers in the range between 101 to 120 percent.
The county has also floated $203 million in bonds to raise money for mortgages with below-market interest rates, thereby enabling buyers to afford the ''affordable'' homes. In some cases, says John H. Gibson, manager of the housing revenue-bond program, this has meant mortgage rates lower than the interest on the tax-free bonds. In one new project, interest rates for the higher-priced ''affordables'' will subsidize rates for those at the lower end of the scale, allowing ''deep penetration'' into the below-80 percent income group, he says.
''I've been accused of social engineering!'' says an incredulous Harriett M. Wieder, who is on the Board of Supervisors. She stresses that the county is not expecting ''Cadillacs at Chevy prices'' - that the intent is not to force builders to sell houses at below-market prices. 59ce067264
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