doctorhousingbubble.com / July 31st, 2017
You have to love the Orange County bubble. It is fitting that Disneyland is in Anaheim and actually has some of the poorest households in the entire county. You have a world of Princesses and fantasy and right in the same city you have topless dancing fulfilling a fantasy of a different sort. You have cities like Irvine where most of the new homes are selling to investors or foreign buyers. It is an interesting county. Yet a new report continues to show that California is no place for the middle class. The report also found that Millennials are leaving the area while Taco Tuesday baby boomers and older folks are the only cohort actually expected to grow in proportion relative to other age groups over the next 25 years. It is also no surprise that plastic surgery and expensive leased cars dominate the crowded streets. Unlike L.A. County that understands that there is a large struggling class of people Orange County seems to be in a fog when it comes to the deeper realities.
The growing underclass of Orange County
So let us look at some challenging trends:
“(OC Register) — To afford a median-priced, one-bedroom rental unit, an hourly wage of $27.62 is needed. Yet 68 percent of Orange County jobs pay below that.
— Orange County’s cost of living is almost double the U.S. average (87% higher). Housing costs are 356% higher than the national average.
— Residents 65 and older are the only group projected to grow proportionate to other age groups in the next 25 years.
— 48 percent of children are not developmentally ready for kindergarten
–Nearly 60,000 households are on waiting lists for government rental assistance.
Michael Ruane, an affordable housing executive who was the county’s project director on its first indicators report 17 years ago, said the data show “there are two Orange Counties.”
“What’s striking is the enormous variation. You have poverty in a prosperous region. You have a knowledge economy with high wages, and a tourism economy with lower wages.”
The post The growing underclass of the Orange County Bubble: You need to earn an hourly wage of $28 to afford a basic one-bedroom apartment but 68 percent of OC jobs pay less than that amount. appeared first on Silver For The People.