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51 percent of first-time buyers can afford O.C. home
Number is down from the second quarter but up from the third quarter of 2008, says C.A.R.
By Kristen SchottPublished: November 13, 2009 09:21 AM
Photo courtesy of FotoliaFifty-one percent of first-time homebuyers could purchase an entry-level property in Orange County during the third quarter of this year, according to a report from California Association of Realtors.
The number is down slightly from the second quarter, when 53 percent of households could afford to purchase a home. But, it rose from 46 percent in the third quarter of 2008.
This has a broad economic impact on the county, according to Kristine Thalman, CEO of the Orange County Chapter of the Building Industry Association.
She says a greater home affordability brings more people into the region.
"From an employer and labor standpoint, it's good news. It's easier to recruit people if the affordability index is better."
The minimum qualifying income to buy an entry-level home priced at about $424,000 was $74,700 in the third quarter. Monthly payments were factored to be $2,490.
Statewide, 64 percent of households could afford to purchase an entry-level home. That number dropped from 67 percent in the second quarter, and it increased from 55 percent compared to the same time last year.
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Photo courtesy of Fotolia The number is down slightly from the second quarter, when 53 percent of households could afford to purchase a home. But, it rose from 46 percent in the third quarter of 2008. This has a broad economic impact on the county, according to Kristine Thalman, CEO of the Orange County Chapter of the Building Industry Association. She says a greater home affordability brings more people into the region. "From an employer and labor standpoint, it's good news. It's easier to recruit people if the affordability index is better." The minimum qualifying income to buy an entry-level home priced at about $424,000 was $74,700 in the third quarter. Monthly payments were factored to be $2,490. Statewide, 64 percent of households could afford to purchase an entry-level home. That number dropped from 67 percent in the second quarter, and it increased from 55 percent compared to the same time last year. NEXT PAGE >> Related headlines 'OC METRO Minute,' Nov. 12: Foreclosures jump 75 percent in O.C. Newport Beach's Master Development gears up for Las Palmas auction First-time homebuyer tax credit extension gets OK 'OC METRO Minute,' Nov. 9: BIA-O.C. CEO Kristine Thalman talks about tax credit |
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