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.
