DataQuick research shows three of the most affordable neighborhoods are in San Bernardino. Kathy Vara reports from San Bernardino for the NBC4 News at 6 p.m. on July 25, 2013.
One look at the price of homes in Southern California could quickly turn the American dream of owning a home into a nightmare.
But there’s good news for house hunters in the region, especially those looking buy property in the Inland Empire.
Research firm DataQuick crunched the numbers and found the 10 most affordable zip codes in Southern California are in the Inland Empire.
DataQuick research shows three of the most affordable neighborhoods are in San Bernardino:
“San Bernardino is one of the nicer areas that you can still find something affordable,” said Jim Luna, who has been in the market for a home for a few months and calls the search “very competitive.”
Real estate agent Zoram Luna agreed with the data.
“If you’re going to buy a house in the low $100,000, you are going to have to do some work. The kitchen might need work, the bathroom, roof, so you are going to sacrifice condition of the property for the low price you are getting,” Zoram said.
Zoram said the median price of homes here is closer to $250,000 but buyers can still take advantage of mortgage rates.
“They have gone up. Right now they are at 4 percent but looking at the big picture, 4 percent is low,” Zoram said.
House hunters also have to be willing to act fast and have cash, experts said. Thirty percent of available homes are being sold to investors.