The Southern California region, in which the counties of The Angels, Orange, riverside and Saint Bernardine, average sales prices range from US$394,450 to US$9,500,000, making its real estate market one of the most expensive in the country. However, a recent study identified the neighborhoods offering the lowest prices for purchasing single-family homes in this area.
Depending on the price of the home, Buyers will face monthly payments ranging from US$2,840 to US$68,400. Despite this, a report from the California Association of Realtors that tracked prices in 128 neighborhoods in this region in September, located 25 neighborhoods with the lowest prices in the real estate market, which revealed a wide range of prices in the housing market.
In the 25 most affordable neighborhoods, median prices reach up to $594,900, which allows buyers to obtain a home with a monthly payment of US$3,950. However, these areas of relative affordability are located in inland communities, many of them in the desert or in the mountains, far from the large employment centers on the coast.
Buying a home in a cheap neighborhood poses challenges for those seeking affordable housing, as working from home or being willing to endure a long commute are important considerations. The shortage of cheap housing is also highlighted.
In these 25 most affordable neighborhoods, The total number of homes for sale is 1,843, which represents a decrease of 33 percent compared to the previous year. In other areas of Southern California, 10,231 homes were available for sale, a decrease of 28 percent in one year.
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The neighborhoods with the lowest prices for single-family homes in Southern California
In terms of location, the most affordable neighborhood in September, according to this study, was Green Valley Lake. This community in the San Bernardino Mountains, located approximately halfway between Lake Arrowhead and Big Bear Lake, has a median sales price of $394,450 for the 32 homes listed for sale, representing a 220 percent increase in supply in compared to the previous year.
Other neighborhoods that are most affordable for single family home prices include Adelanto, Helendale, Running Springs, Banning, Apple Valley, Yucca Valley, Victorville, Hemet, Twin Peaks, San Jacinto, Pinon Hills, Hesperia, Wrightwood, Desert Hot Springs, San Bernardino, Colton, Phelan, Joshua Tree, Beaumont, Coachella, Highland, Perris, Rialto and Lake Elsinore.
At the county level, San Bernardino leads in terms of affordability, with 47 percent of homes for sale, seeking less than $500,000 in September. They are followed by Riverside with 20 percent of homes in that price range, Los Angeles with 6 percent, and Orange with a scant 0.3 percent of affordable homes on the market.
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