Let’s compare The Inland Empire with Orange County just to keep a sense of balance. The median home price in The Inland Empire is about $366,000 and less than half of what you would find in Orange County at $830,833. Here in the High Desert (The Victor Valley), as of January 2019 the median home price is $254,700 or $111,300 less than areas like Ontario CA, Rancho Cucamonga CA and Fontana CA and obviously a heck of a lot less than Orange County. Interestingly, you can buy a new construction 3 bed, 2 bath, 1290 sq ft home in Apple Valley for $240,000 and it will probably be sitting on a half-acre lot.
If you’re renting in either of the metro areas mentioned above, you can expect to pay about $2100 per month and more for a two-bedroom apartment. Of course you need to have somewhere to call home but, that’s money gone, no building equity for the future. On the other hand, that same new construction home I mentioned earlier could be saving you money. If you qualify, an FHA 30 year fixed rate with 3.5% down on a sales price of $240,000, your total monthly payment would be approximately $1703. Now obviously there will be other costs in the purchase such as your down payment and closing costs but in the long term you will be building equity for your future. With so many loan programs including down payment assistance and even grants, it’s easier than you might think. So, get with your Realtor and start preparing to buy your new home now.
If you’re ready to find out more now, you’re welcome to contact me by, phone, text or email.
