Anyone who lives in Orange County knows that renters face challenges when it comes to finding affordable homes, condos and apartments for rent in the area. Sadly, news was released last week that it’s getting even more expensive to rent in Orange County.
One of the most desirable places in the Orange County area just got more expensive by an average of almost $167 per month. To rent an apartment in Newport Beach, and enjoy the beauty of living on the coast, you have to be prepared to pay an average rent of over $2,100 dollars per month and that’s up over 8% in one year!
Newport Beach wasn’t the only Orange County community that saw a big increase in rents. Rent has increased in the last year for all 23 zip codes that fall within Orange County and this is the second time in the last few years that rent has gone up collectively across the board. All 23 Orange County counties saw an average rent increase of $73 per month and this amounts to an average rent of over $1,600 per month.
Time To Buy?
Even if you have a tight budget, you would still be looking at minimum of $1,294 to $1,328 per month if you moved to Buena Park, Garden Grove or La Habra so the question you should ask yourself is this “is it time to stop renting and consider buying?” and the answer, depending on your financial situation should be yes.
With interest rates the lowest that they’ve been in years there never has been a better time to buy an Orange County home. Buyers have the best opportunity in years to stop renting and buy a home. To find the home that’s right for you contact one of the experienced Orange County Real Estate agents at Fred Sed & Associates today at: (949) 272-0125 or email us at email@example.com today.