A California city with abundant parks, a low crime rate and a booming job market has become the hottest real estate market in the United States.
Irvine’s population has grown tremendously in recent years, thanks to what many of its residents describe as its higher standard of living.
Despite the city having built 35,000 new homes in the past 14 years, demand for housing continues to outstrip supply.
As a result, home prices have soared more than 20 percent in the past year to a median of $1.56 million. he Los Angeles Times information.
By comparison, the median home price in the United States is significantly lower: $361,481.
The city of Irvine has the most attractive real estate market in the U.S. thanks to its abundant parks, low crime rate, and booming job market.
Irvine resident Kim Pohas revealed how she made a $178,000 profit on her condo a year after buying it.
“It’s like I remodeled a house but I didn’t do anything to it,” Pohas, 40, told the LA Times. “It’s brand new construction. I just lived there.”
Since 2010, more than one-third of new homes built in California have been built in Irvine.
A new residential development in Great Park, the site of a former Navy air base
However, its location as an employment centre for many companies means that even this is not enough to meet demand.
The city has always been popular and began its existence as a series of towns developed around a new University of California campus in the 1960s.
Locals were drawn en masse to this planned community, attracted by the abundance of recreational facilities and conveniently located schools and shops.
Today, Irvine is the 63rd most populous city in the United States and has attracted 13,000 new residents in the past three years.
Despite the city adding 35,000 new constructions in the last 14 years, housing demand continues to outstrip supply
Despite rapid population growth, it remains a relatively safe place to live.
Last year, FBI data revealed that Irvine was the safest city for violent crime in the United States for the 18th consecutive year, according to officials.
However, Irvine is also the third least affordable city in the US according to a study by RealtyHop.
Families earning the median income in Orange County would need to spend 85 percent on housing costs.
In addition to the mortgage, there are high property taxes and insurance.
This has resulted in some buyers being priced out of the market, particularly those looking to upgrade their homes and finding that the money they can raise from their sales is not enough to cover a significant step up the property ladder.
Among them is Jonathan Sun, 37, who is hoping to upsize his home with his wife and two children, but finds his $2.7 million budget won’t stretch much further than the 200 square meters they currently live in.
“We could probably sell and move to north or south Orange County and get exactly what we want, but it’s our choice to stay,” Sun said.
Home prices have soared more than 20 percent in the past year to a median of $1.56 million.
Irvine’s proximity to the beach and the addition of a shiny new $2 billion shopping center still make it an attractive destination.
The city was also determined to be the third best place to raise a family in the US according to a Wallethub study.
The research cited its low crime rate and highly-rated schools.
“It’s such a clean and safe city that still has room to add more housing and jobs,” said John Burns, chief executive of Irvine-based John Burns Real Estate Consulting.
“There’s nothing like it in Southern California.”
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