Orange County’s home affordability index was
unchanged in July, while the statewide index fell, the California
Association of Realtors said Thursday.
The percentage of residents here who could afford a median-priced home was 11% in July, the same as May and July 2004.
The
index is based on a median price of $706,820, up slightly from June and
9% higher than a year ago. The median price excludes condominiums.
Statewide,
16% of households could afford a median-priced home of $540,900 in
July, down from 19% a year earlier when the median price was $461,760.
The index was unchanged from June.
The minimum household income
needed to purchase a median-priced home in July was $125,670, based on
a mortgage rate of 5.7% and assuming a 20% down payment.
The High
Desert region was the most affordable at 30%. The least affordable
regions were Santa Barbara and the Northern Wine Country regions at 7%
each.
