The percentage of first-time homebuyers in Orange County able to afford a median priced home stood at 22% in the third quarter, down from 24% a year earlier, the California Association of Realtors said Monday.
The third quarter figure was a 1% increase from the previous quarter.
The minimum household income first-time buyers needed to get an OC home at a median price of $599,280 in the third quarter was $123,800, based on an adjustable interest rate of 6.58% and assuming a 10% down payment.
The monthly payment for a $599,280 home, including taxes and insurance, was $4,130 for the third quarter.
On a statewide basis, 24% of first-time homebuyers now are able to afford a median-priced home, compared to 28% for the same period a year ago,
The High Desert region was the most affordable region in the state last quarter, at 39%, followed by the Sacramento region at 38%. Santa Barbara was the least affordable region in the state, at 14%, followed by Monterey at 17%.
