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Los Angeles-Orange counties rank 12th for homebuying bargain, Inland Empire No. 50 – Press Telegram

“According to a survey,” examines various rankings and scorecards that determine geographic location, noting that these grades are the most common combination of art and data.

Buzz: Los Angeles County and Orange County offer one of the 12 best home-buying “bargains” in the country. Inland Empire? 50th out of 100 metros surveyed.

sauce: this is, Monthly Survey of Current Home Prices in Metropolitan Areas Against historical patterns. Professors at Florida Atlantic University and Florida International University used Zillow data up to 1996 to measure single-family homes, town homes, condominiums, and co-operative ratings.

detail

According to this math, LA-OC Metro homes are sold at a “premium” of 5.4% of their historical value in July, as researchers called the gap. Only 11 metros were more affordable for this scorecard.

In Riverside and San Bernardino counties, prices fell in the middle of the pack and inland homes were calculated to be overvalued by 20.4%.

According to this calculation, the best housing transaction was Honolulu, with 4.9% undervalued, followed by Virginia Beach at 2.5%, Baltimore at 1.7%, New York at 0.8% and Baton Rouge at 0.4%.

Worst deal? Boise, an eye-catching 81% “premium” price. This was followed by Austin at 51%, Ogden at 50%, Provo at 46% and Detroit at 46%.

How did the other California markets work in this assessment?

The 15th largest “bargain” in the United States was Ventura County, which was overrated by 7.4%. Then came …

No. 17 San Francisco: 8% overestimation.

No.22 San Jose: 11.2% overestimation.

No. 32 San Diego: 14.9% overestimated.

No. 41 Bakersfield: 16.8% overestimated.

No. 45 Fresno: 19.6% overestimated.

No. 60 Sacramento: 23% overestimated.

No.91 Stockton: 38.5% overestimated.

warning

This indicator is not a relative “affordable” issue, but a clear target for the estimated investment in the current market. In fact, the reason why low-priced markets like Boise are so overvalued could be financial needs, the study authors say.

Can be quoted

Among the most overrated metropolitan areas, FAU real estate economist Ken Johnson said: Leasing and reinvestment have often outweighed ownership in terms of wealth creation. “

Conclusion

It will be interesting to see how this yardstick works over time.

Jonathan Lansner is a business columnist for Southern California NewsGroup.He can reach at jlansner@scng.com

Los Angeles-Orange counties rank 12th for homebuying bargain, Inland Empire No. 50 – Press Telegram Source link Los Angeles-Orange counties rank 12th for homebuying bargain, Inland Empire No. 50 – Press Telegram

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