Who knows how Orange County got its name? People have made up so many stories about O.C that over the years, separating fact from fiction has become as time-consuming as peeling an orange. One thing is certain about the place, though. It is easily one of the most beautiful and picturesque in the United States. Because of its desirable location, Orange County home equity loans understandably come with steep price tags.
Orange County Home Equity Loans: Expensive or Economical?
If your goal is to find some Yorba Linda real estate, do not shop for Orange County home equity loans. Orange County is the country’s second most-expensive housing market. It is second only to San Francisco. In fact, as far as houses are concerned, the average Orange County home will cost you three times more than the average American house. According to the National Association of Realtors, Orange County home loans start at $710,000. The national median, on the other hand, is only $215,900.
Orange County Home Equity Loans: Selling Like Oranges
Despite its steep price, a house in Orange County remains a highly coveted property. Why shouldn’t it? An Orange Country address is synonymous to money and a life of privilege. Forget the place’s sandy coves, chiseled bluffs, and foam-covered oceans. There are other places in the United States that are just as beautiful but are much cheaper.
People take out Orange County home equity loans for two reasons: the natural beauty of the place and the O.C lifestyle. To many, an O.C home means you have well and truly made it big.
Orange County Home Equity Loans: In Perspective
Just how high could Orange County home loans go? Visualize this. In Coldwell Banker’s annual Home Price Comparison Index, a 2,200-square-foot Newport Beach house, with four bedrooms, 2.5 baths, a family room, and a two-car garage can set homeowners back by a whooping million and a half!
If you cannot imagine how well and truly expensive this is, take a look at these figures plucked from the same Home Price Comparison Index.
Washington, D.C – $727,250.00
Wilmington, Delaware – $377,250.00
Pensacola, Florida – $222,258.00
Atlanta, Georgia – $303,000.00
Honolulu, Hawaii – $745,454.00
Des Moines, Iowa – $247,000.00
Boise, Idaho – $213,808.00
Chicago, Illinois – $815,000.00
Munster, Indiana – $329,300.00
Boston, Massachusetts – $1,260,000.00
Chevy Chase, Maryland – $829,750.00
Wilmington, North Carolina – $286,650.00
Rye, New York – $869,125.00
Dayton, Ohio – $173,475.00
Clearly, Orange County home equity loans are not something you take out lightly. They are payments you would be making for a long, long time. Thus, it pays to do your research thoroughly and accurately. Find the properties that give you the best value for your money. After all, Orange County living is the golden California dream.