AFFORDABILITY GAP
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Increases in Los Angeles and Orange county home prices--4.5% and almost 3%, respectively--increased the affordability gap for the typical Southern California home buyer in September. The gap dropped statewide due to lower interest rates and smaller price increases, but it was not enough to offset the $120 increase in Los Angeles County and $81 increase in Orange County.
Los Angeles Orange County California Median Home Price $125,133 $139,928 $120,649 Gross Income Required to Buy $3,426 $3,831 $3,231 Median Family Income Per Month $2,339 $3,007 $2,402 The Gap $1,087 $824 $829
Sources: Family Income Urban Decision Systems Sources: Federal Home Loan Bank Board, California Assn. of Realtors and U.S. Department of Housing and Urban Development.
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