Also, practically the entire City of Irvine was built around the concept of the Homeowner’s Association. Thus, a very high percentage of residences there (85-90%?) lie within HOAs. If you want to buy a residence in Irvine, you will likely have to join one and pay ever-rising HOA dues PLUS any special assessments (with condo complexes) which are voted in by the Association’s Board of Directors . . . which could be several thousand per homeowner.
With a 740 FICO score, at today’s 30-yr mortgage rates, $350 month HOA dues is equivalent to borrowing another $83K on the mortgage!
