Newport Beach area - how affordable?

[NewJeffCT]

I was recently contacted about a job in Newport Beach, CA. When going online to homefair.com, it says my wife & I would basically need to more than double our salaries to live an equivalent life out there.... and, we live in Connecticut. (granted, not on the Gold Coast)

But, is there any towns or small cities near Newport Beach that are easily commutable and good for a young family, and also more affordable?

Thanks

[nothingshocksmeanymore]

1. You can find reasonable rents in Dana Point

which is one half hour south of Newport Beach, or if you go inland about 10 miles which is also about a half hour unless there is rush hour traffic.

You can rent a house inland for under 2k depending on size, but buying is really inflated right now

[OC_Lars]

2. I'm renting

Currently trying to save for a house. Unfortunatley, it's hard to find an actual house for under 400K these days in Orange County. If you're looking to rent for a while, most house rentals in that area average $1800 for small family housing. Of course, that was a year ago when I was looking for a rental.

[question everything]

3. Income necessary to buy home rises

Friday, September 9, 2005

Income necessary to buy home rises

Purchasers of a typical O.C. residence must now earn $164,220, Realtors group says.

By JEFF COLLINS
The Orange County Register

An Orange County homebuyer must have earned at least $164,220 a year to afford a typical Orange County home in July, the California Association of Realtors reported Thursday.

(snip)

The state association estimates that about 11 percent of Orange County households can afford a median-priced single-family home here, which it pegged at $706,820 in July. The association's "housing affordability index" figure has fluctuated between 11 and 13 percent since May 2004. Statewide, 16 percent of households could afford a single-family home in July.

The association assumes that a buyer has no equity in another home that's being sold, and is making a 20 percent down payment on a 30-year, fixed-rate loan.


(snip)

Adjustable-rate loans, however, have climbed steadily in the past 12 months, increasing from 3.32 percent for a one-year ARM last September to 3.55 percent this week.

http://www.ocregister.com/ocr/2005/09/09/sections/business/oc_region/article_668283.php

[question everything]

4. Newport Beach is the most expensive town in Orange County

You may want to consider older cities like Cypress, Stanton, Garden Grove or Fullerton. But watch for your daily commute first.

Many people purchase outside Orange County, in Riverside County, and take the Metrolink to Irvine - a very pleasant and reliable ride.

Average rent for a medium size house (1,500 - 1,800 sq. ft) in Irvine - just west of Newport Beach would be around $2,400.

Also, be prepared for having a very small lot and a small house compared to what you are used to in other parts of the country.

Whenever we moved, we'd always rented, first. This allowed us to get to know the new community better and often would end up buying in entirely different area from where we were thinking upon visiting. Of course, having school age children may make a difference.

Good luck.

[NewJeffCT]

5. thanks, probably a good idea

I know that unless i'm a multi-millionaire, I'm not going to have a lot of land in California.

[question everything]

6. Forgot Costa Mesa which is (was?) considered

a more affordable. Right next to Newport Beach but more on the funky side..