RENTAL, MORTGAGE COSTS
Median housing costs, heading upward since 1985, appear to have leveled off. The current median home mortgage, $740, is virtually unchanged since 1988. Between 1985 and 1988, that figure rose every year, albeit in decreasing increments, by a total of $196, or 36%.
County renters, too, have seen their costs stop increasing. The current $680 median is unchanged from 1988. Since 1985, the median rent payment increased $102, or 18%.
These median monthly payments may not be rising now, but
housing is still a big-ticket item in county budgets. Half of all homeowners pay more than $750 per month for their mortgages. Among renters, 38% owe more than $750. Then there is that fortunate group of homeowners whose mortgages are paid: 13% report paying nothing each month, including 32% of those 55 years and older.
Two major determinants of housing payments are length of time at a residence and, as real estate agents are fond of saying, location. The southern portion of the county remains the mostexpensive for both owning and renting. For both South County groups, six in 10 pay more than $750 per month. Among owners who have had their homes five years or less, 74% have mortgages costing more than $750. The comparable figure for those who’ve been in place more than 10 years is just 18%. And while 40% of renters who have been in their residences less than six years pay more than $750, just 14% of those who’ve been there more than 10 years are stuck with similar payments.
$500 and $751- More than Less $501-$750 $1,000 $1,000 ALL HOMEOWNERS 40 % 10 % 16 % 34 % REGION North 41 8 15 36 West 41 15 15 29 Central 50 10 20 20 South 35 7 14 44 HOUSEHOLD INCOME More than $50,000 23 7 17 53 $36,000-$50,000 44 12 20 24 Less than $36,000 65 12 13 10 AGE 18-34 years 22 9 23 46 35-54 29 9 18 44 55 and older 74 12 6 8 LENGTH AT RESIDENCE Less than six years 15 11 21 53 Six-10 years 25 10 24 41 More than 10 years 74 8 7 11 DWELLING TYPE Single-family detached 40 7 15 38 Townhouse/condo 38 16 23 23
$500 and $751- More than Less $501-$750 $1,000 $1,000 ALL RENTERS 19 % 43 % 28 % 10 % REGION North 14 57 24 5 West 21 34 24 21 Central 29 46 21 4 South 16 24 44 16 HOUSEHOLD INCOME More than $50,000 12 34 32 22 $36,000-$50,000 9 47 34 10 Less than $36,000 28 45 23 4 AGE 18-34 years 20 40 30 10 35-54 13 46 28 13 55 and older 31 50 17 2 LENGTH AT RESIDENCE Less than six years 18 42 28 12 Six-10 years 21 38 37 4 More than 10 years 31 55 10 4 DWELLING TYPE Single-family detached 30 17 28 25 Townhouse/condo 17 27 45 11 Apartment 15 60 22 3
AMOUNT OF MONTHLY MORTGAGE, 1989 In percent of all owners: 4%: More than $2,000 11%: $1,501-2,000 19%: $1,001-1,500 16%: $751-1,000 10%: $501-750 27%: Less than $500 13%: Mortgage paid AMOUNT OF MONTHLY RENT, 1989 In percent of all renters: 1%: More than $1,500 9%: $1,001-1,500 28%: $751-1,000 43%: $501-750 19%: Less than $500 Note: Cities included in four regions are:
North: Anaheim, Brea, Buena Park, Fullerton, La Habra, Orange, Placentia, Villa Park, Yorba Linda.
West: Cypress, Fountain Valley, Huntington Beach, La Palma, Los Alamitos, Midway City, Rossmoor, Stanton, Seal Beach, Westminster.
Central: Costa Mesa, Garden Grove, Santa Ana, Tustin, Tustin Foothills.
South: Capistrano Beach, Dana Point, El Toro, Emerald Bay, Irvine, Laguna Beach, Laguna Hills, Laguna Niguel, Mission Viejo, Newport Beach, San Clemente, San Juan Capistrano, Silverado, South Laguna.
MEDIAN RENTAL AND MORTGAGE PAYMENTS The median monthly rent and mortgage payments in Orange County have leveled off after continuous increases since 1985. The median 1989 rental payment, $680, is the same as that of 1988. The 1989 median mortgage payment of $740 was just $2 higher than in 1988.
