Orange County Rent/Month in $
The price of rent in California continues to reach record levels, hitting an “all time high last year after rising for four years”, as observed by the Orange County Register. They note that, “despite having about 10,800 new apartments under construction in Orange County, and 25,000 new units in the works in Los Angeles County, rents continue to climb throughout the region. This upward trend is not isolated to Southern California. As illustrated here, the trend has been upward in Orange County as well as California in general for the last five years, (source: Zillow Group Research).
California Rental Rates/Month in $
Currently, the average rate for a one bedroom apartment in Orange County is $1798 per month. In San Francisco, that rate jumps to $3708. These rates are simply unaffordable to many who are looking for housing in the region. Often, and especially when rental rates are high and interest rates are low, it can actually be more affordable to purchase than to rent. But single family “stick-built” home prices have risen in sync with rental rates—faster in some cases—putting them out of reach as well.
Fortunately, there is an alternative. California has over four-thousand manufactured and mobile home parks for both family and senior living. Depending on your needs and financial situation, a manufactured or mobile home may be the solution for you in this market. Apply today, and let U.S. Financial Network finance your next home!