Orange County’s low affordability index for a home was unchanged in June, while the statewide index dropped, the California Association of Realtors said Thursday.
The percentage of residents here who could afford a median-priced home was 11% in June, the same as May and June 2004.
The index is based on a median price of $702,400, down slightly from May but up 7% from a year ago. The median price excludes condominiums.
Statewide, 16% of households could afford a median-priced home of $542,720 in June, down from 18% a year earlier when the median price was $468,050. The index was unchanged from May.
The minimum household income needed to purchase a median-priced home in June was $125,870, based on a mortgage rate of 5.7% and assuming a 20% down payment.
The High Desert region was the most affordable at 32%. The least affordable regions were Santa Barbara and the Northern Wine Country regions at 7%.
