Friday, November 21, 2008

CAR: Orange County 'Starter' Home Incomes Drop

So you really want to live in the OC?

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.

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