AFFORDABILITY GAP

Los Angeles Orange County California Median $116,616 $136,764 $115,011 Home Price Gross Income Required to buy $3,300 $3,864 $3,276 Median Family $2,400 $2,916 $2,482 Income per month

Federal Home Loan Bank Board, California Assn. of Realtors and U.S. Department of Housing and Urban Development. Price trends--Lower interest rates and a reduction in the median home price improved housing affordability in July for the typical family in Los Angeles, where the median home price fell from $117,831 for April to $116,616 for May. The income needed for the purchase assumes an 80%, 30-year fixed-rate loan and includes principal and interest, taxes, insurance.