200/sqft is my target point.
That is around 40-60% off todays prices. I have a budget of around $300-350k for a 1500-1600sqft in Mission Viejo/Aliso Viejo/Laguna Niguel.
Even for a $300k property the affordability metrics are quite steep, one would need $40,000 cash to bring to the table for down and closing costs, at least 3 months reserves of $10,000 and furnishing/moving in expenses are going to be there for a new home..let’s not kid ourselves. $60,000 cash minimum is required. In addition a typical family with 2 kids, $120,000/yr income is needed. Not many have these attributes.
