According to the newest report from the National Assn. of Realtors, Orange County is considered the third and Los Angeles the ninth most expensive housing markets in the U.S., this measured the median price of homes sold in the second quarter. Orange County’s median — the point at which half of homes sold for more and half for less — hit $691,900 in the quarter, trailing only the San Jose and San Francisco metro areas.
The San Diego area ranked fifth at $504,200 and metro Los Angeles, Los Angeles County ranked ninth at $420,300. Even the relatively inexpensive Inland Empire sat 21st pricier than Miami; Austin, Texas; or Chicago with a median of $274,600.
While this may seem reasonable to some, these statistics should raise concern considering the median household income in Orange County is $75,566, according to the Census Bureau. In Los Angeles County it is $56,241.