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REAL ESTATE INDUSTRY NEWS
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54 percent of first-time buyers could afford a home in O.C. in Q2

Number is unchanged from prior quarter, says C.A.R.

By Kristen SchottPublished: August 19, 2010 03:03 PM

Courtesy of Fotolia
Fifty-four percent of first-time buyers could afford to purchase a home in Orange County in the second quarter. The number is unchanged from the prior quarter, according to the California Association of Realtors First-time Buyer Housing Affordability Index.

However, the number rose slightly from 53 percent at the same time last year.

In the second quarter, buyers needed to make at least $70,670 to purchase a residence priced at $428,810, according to C.A.R. And, the estimated monthly payment, including taxes and insurance, was estimated at $2,360.

In the larger Southern California region, 63 percent of buyers could afford to purchase a home in the second quarter. Statewide, the index hit 64 percent, according to C.A.R.

The High Desert region was the most affordable area in the state, with 84 percent of buyers able to purchase a home. The least affordable? San Luis Obispo, which had an index level of 48 percent.  

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