The California Association of Realtors (CAR) released its First-time Buyer Housing Affordability Index Friday and the results showed that Orange County’s rating stood at 53 percent, down from 56 percent first quarter, 2009.
In California overall, the index of people who could afford a first-time home purchase stood at 67 percent in the second quarter of 2009 compared with 49 percent (revised) in the second quarter of 2008. Orange County’s 53 percent figure was the second-least affordable region in the state, after San Luis Obispo, which came in at 50 percent.
The median price of an entry-level home in California was $224,180 in the second quarter of 2009; in Orange County, it is $397,890, with a monthly payment of approximately $2,360, including taxes and insurance. Minimum qualifying income for a first-time buyer is $70,880.
In California, the index is up to 67 percent, with an average price of $224,180 and an estimated monthly payment including taxes and insurance of $1,330. The minimum household income required was $39,930, making it significantly less than Orange County.
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