Orange County’s median single family detached home is $679,000. With GRM multiplier of 13, means the median home needs $58,000 a year in rent, currently, the median housedhold income is ~$60,000 in Orange County.
That’s a tad bit of a problem to overcome, to drive equivalent rent value to a normal level of income share (30%) will require a tripling of income. At 5% a year in average income increases, it’ll take 25 years.
