According to a just released report from the California Association of Realtors, the minimum income necessary to purchase an Orange County starter home last summer dipped to $85,800.
A year earlier, the minimum income to purchase a starter home in the OC was more than $120,000 a year, and the minimum income was approximately $170,000 in the fall of 2005, just before the housing slump began.
The estimated price of an Orange County starter home this summer was just below $440,000, according to CAR. The typical starter home cost $604,000 only three summers ago.
CAR also reports that more than half of households statewide can afford the typical California starter home.